Binance, the world’s largest cryptocurrency exchange, has taken action against a market maker for allegedly manipulating the MOVE token. The exchange froze $38 million in profits after the market maker dumped a massive amount of tokens.
Suspicious MOVE Token Activity
The unnamed market maker, operating within the Movement (MOVE) ecosystem, sold approximately 66 million MOVE tokens on December 10th. This sale happened with very little buying activity, resulting in a significant price drop. The market maker then converted their profits into USDT, a stablecoin, before Binance intervened.
Binance’s Response
Binance acted swiftly, banning the market maker and freezing their $38 million in USDT. The exchange notified the Movement team and intends to use the frozen funds to compensate affected users. This isn’t the first time Binance has taken such action; they also recently banned another market maker associated with this one, who was involved with GoPlus Security (GPS) and MyShell (SHELL) projects.
MOVE Token Recovers
Despite the incident, the MOVE token has seen a price increase of nearly 24% in the last 24 hours, currently trading at $0.546.
Disclaimer: This information is for general knowledge and shouldn’t be considered investment advice. Always do your own research before investing in cryptocurrencies.
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