BlockBeats News, April 22, the Movement Network Foundation announced a third-party review of abnormal market maker behavior, and has commissioned the professional intelligence agency Groom Lake in the digital asset field to conduct this review. After the review is completed, the Foundation will release the review results and the actions taken.
BlockBeats previously reported that on March 25, the Movement Network Foundation issued a statement stating that on March 11, they received a notification from Binance that a market maker was suspected of improper conduct with multiple tokens, including the MOVE token. The market maker dumped a large amount of tokens after the MOVE TGE, violating the protocol under which they provided bidirectional liquidity support. The Foundation was completely unaware of this and immediately severed ties upon learning, notified other exchanges, and assisted Binance in its investigation. The Foundation stated that it has recovered the related funds and plans to use the recovered $38 million to repurchase MOVE on the open market, establishing the "Movement Strategic Reserve" strategic reserve fund. The repurchase will take place on Binance over the next three months, and the purchased MOVE tokens will be regularly transferred to the official on-chain wallet.
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