At Movement Network Foundation, we put transparency and community first. We want to share what happened with a market maker and how we're handling it because you deserve to know.
What Happened
On March 11, Binance informed us of an ongoing investigation into a certain MM involving various tokens including $MOVE. Movement Network Foundation and Movement Labs had absolutely no knowledge that this was happening. We chose to work with this market maker as they had already supported projects in the Movement ecosystem. When we found out they were actually acting adversely to the ecosystem, we took action.
Thanks to Binance, we learned that shortly after the $MOVE TGE in December 2024, the market maker sold a substantial amount of $MOVE without completing meaningful buy orders. This happened against our wishes, without our consent, and was in breach of our agreement, which required the MM to provide liquidity on both sides of the $MOVE/$USDT pair. Once Binance informed us that this conduct had happened, we collaborated with Binance and acted to recover the funds.
How We Responded
We Cut Ties: We severed all relationships with the market maker (including ecosystem partnerships) once we learned what was happening.
We Informed Other Exchanges: We reached out to other major exchanges to inform them that an investigation was underway.
Worked Hand-in-Hand with Binance: We actively collaborated with Binance throughout this incident.
We Recovered Funds with a Plan: Movement Network Foundation has committed to using the funds recovered from the MM to purchase back $MOVE on public markets.
Commitment to Resolution
All cash proceeds recovered from the Market Maker will be used by the Movement Network Foundation to establish the Movement Strategic Reserve: a 38M $USDT buyback program to purchase $MOVE for long-term use and to return the USDT liquidity to the Movement ecosystem.
In our commitment to transparency and community, purchases of $MOVE using the 38M $USDT recovered from the market maker will occur on Binance over the next three months. Purchased $MOVE will be periodically transferred to the Movement Strategic Reserve’s onchain wallet: 0xA14C8e3eBb2Da43d027dC2c1b763387B9D59cACe.
We will update you as this initiative progresses.
Our Commitment to You
We're grateful for Binance's investigation. It helped us identify and address an issue we didn't know existed, and we appreciate their thoroughness in protecting our broader ecosystem.
The Movement Network remains secure and strong. Our technology, our team, and our vision remain unchanged. If anything, we're more committed than ever to building an ecosystem you can trust.
We value your support and promise to keep being transparent every step of the way. Thank you for being part of our journey.
THIS IS FOR INFORMATIONAL PURPOSES ONLY AND NOT AN OFFERING TO SELL, THE SOLICITATION OF AN OFFER TO PURCHASE, OR AN ENCOURAGEMENT TO PURCHASE TOKENS. YOU SHOULD NOT RELY ON THE CONTENT HEREIN FOR ADVICE OF ANY KIND, INCLUDING LEGAL, INVESTMENT, FINANCIAL, TAX, OR OTHER PROFESSIONAL ADVICE, AND SUCH CONTENT IS NOT A SUBSTITUTE FOR ADVICE FROM A QUALIFIED PROFESSIONAL OR YOUR OWN RESEARCH. THIS DOCUMENT CONTAINS HYPOTHETICAL, FORWARD-LOOKING, AND/OR PROJECTED FIGURES, WHICH ARE APPROXIMATE, NOT GUARANTEED AND ARE SUBJECT TO CHANGE; ACTUAL NUMBERS MAY VARY. MOVEMENT NETWORK FOUNDATION AND ITS SUBSIDIARIES MAKE NO REPRESENTATION OR WARRANTY, EXPRESS OR IMPLIED, AS TO THE COMPLETENESS, RELIABILITY, VALIDITY, OR ACCURACY OF THIS INFORMATION. ANY INFORMATION CONTAINED HEREIN IS SUBJECT TO CHANGE WITHOUT NOTICE.