Binance offboarded a market maker that dumped 66 million MOVE tokens.
Movement Network Foundation announced a $38 million buyback program to support its system.
Leading crypto exchange Binance made an announcement today that it offboarded a market maker. The platform identified a market maker of the Movement crypto project that has ties with another market maker which is accused of misconduct.
As per its latest announcement on Tuesday, the aforementioned market maker dumped around 66 million MOVE tokens one day after the MOVE token listing on Binance. This brought a net profit of around $38 million USDT. The Binance platform identified and offboarded this market maker on March 18.
Market makers are crucial for trading purposes to maintain liquidity. They ensure that buy orders meet sell orders and vice versa to enhance the ease of trading. Market makers quote buy prices that are called bid prices and sell prices that are called ask prices.
The accused market m
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