Movement acknowledges seriousness of 'Market Maker Controversy'... Initiates $38 million buyback

Son Min

Summary

The Movement Network Foundation announced a $38 million buyback plan after recognizing the illegal activities of a market maker.
Following Binance's investigation revealing large-scale sales, they stated they would terminate all contracts with the market maker and conduct a buyback for three months.
Movement emphasized the importance of transparency and community, maintaining a safe state and building a trustworthy ecosystem.

The Movement (MOVE) Network Foundation, which uncovered illegal activities by a market maker, announced a buyback plan worth $38 million.

On the 25th (local time), Movement stated on its official website, "Due to Binance's investigation, we learned that the market maker sold a large amount of MOVE after listing," and "We have terminated all contracts with the market maker immediately and will conduct a MOVE buyback on Binance for the next three months." The buyback will be conducted with the unjust profits ($38 million) recovered from the market maker.

The foundation stated, "The illegal activities of the market maker were without our consent, and we were completely unaware of this fact," adding, "We prioritize transparency and community." Furthermore, they emphasized, "Movement remains safe and robust," and "We will continue to maintain transparency and build a trustworthy ecosystem."

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