Movement Network to buy back tokens with $38M recovered from rogue market maker

The organization behind the Movement Network said it will use $38 million recovered from a market maker to buy back MOVE tokens over the next three months.

On March 24, the Movement Network Foundation said it recovered about $38 million in assets from a market maker tasked with providing liquidity on buy and sell orders for the Movement (MOVE) token on Binance. 

Binance offboarded the market maker due to “market irregularities.” The exchange sanctioned the market maker, freezing its proceeds and forbidding it from further market-making activities.  

Market makers provide liquidity to crypto tokens to attract traders and stabilize their prices. These entities are tasked with providing liquidity on both buy and sell orders to ensure the smooth operation of crypto exchanges.