Movement Announces Third-Party Review of Previous Market Maker Abnormalities

According to Odaily, the Movement Network Foundation has announced a third-party review of the abnormalities with external market makers. The Foundation has commissioned Groom Lake, a professional intelligence agency in the digital asset field, to carry out this review. Upon completion, the Foundation will release the findings and the measures to be taken.
Previously, on March 25, the Movement Network Foundation stated that it received a notification from Binance on March 11. A market maker was suspected of inappropriate actions involving multiple tokens, including the MOVE token. The market maker allegedly sold off a large number of tokens after the MOVE TGE, violating its obligation to provide bilateral liquidity support. The Foundation was unaware of this and, upon learning of it, immediately severed ties with the market maker, informed other trading platforms, and assisted Binance in the investigation. The Foundation stated that it has recovered the related funds and plans to use the recovered $38 million for open market repurchase of MOVE, establishing the "Movement Strategic Reserve" fund.