Odaily News The Movement Network Foundation announced that it will conduct a third-party review of the abnormal situation of external market makers. It has commissioned Groom Lake, a professional intelligence agency in the digital asset field, to conduct this review. After the review is completed, the foundation will publish the review results and measures taken.
According to previous news, on March 25, the Movement Network Foundation issued a statement saying that it received a notice from Binance on March 11 that a market maker was suspected of improper operations on multiple tokens, including MOVE tokens. The market maker sold a large number of tokens after the MOVE TGE, violating its agreement to provide two-way liquidity support. The foundation was unaware of this and immediately cut off its relationship with it after learning about it, notified other trading platforms and assisted Binance in its investigation. The foundation stated that it has recovered the relevant funds and plans to use the recovered $38 million to repurchase MOVE on the open market and establish the "Movement Strategic Reserve" strategic reserve fund.