Movement Foundation: $38 million of funds related to improper market makers will be used to repurchase MOVE

BlockBeats News: On March 25th, the Movement Network Foundation issued a statement stating that it received a notification from Binance on March 11th that a market maker was suspected of improper operations on multiple tokens, including the MOVE token. The market maker sold a large amount of tokens after 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 upon learning of it, notifying other trading platforms and assisting Binance in conducting an investigation. The Movement Network Foundation announced that it has recovered the relevant funds and plans to use the recovered $38 million to repurchase MOVE in the public market, establishing the "Movement Strategic Reserve" strategic reserve fund. The repurchase will be conducted on Binance within the next three months, and the MOVE tokens purchased will be regularly transferred to the official on chain wallet.