Coinspeaker
Movement (MOVE) Soars 18% amid Token Buyback Announcement
Movement’s native token MOVE surged by 18% on March 26, following the network’s announcement of a $38 million buyback program. Movement is planning to establish a Strategic Reserve after recovering funds from a market maker accused of violating contractual obligations.
Binance had previously banned the market maker due to its rule-breaking practices. Movement revealed that the market maker had engaged in one-sided trading practices, placing large sell orders without corresponding buy orders.
This disrupted the token’s liquidity and allowed the market maker to profit by $38 million unfairly. Movement subsequently took legal action and successfully recovered the funds.
Notably, the MOVE purchases using $38 million in recovered USDT will occur on Binance over the next three months, according to the announcement. “[These funds will be] used to purchase MOVE for long-term use and return the USDT liq
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