Binance Freezes Market Maker’s $38,000,000 Profits After Dumping MOVE Tokens on Retail Traders

Binance has banned another market maker and frozen its assets after identifying certain irregularities.

The top global crypto exchange didn’t identify the market maker but noted that it operated for the Ethereum (ETH)-based layer-2 project Movement (MOVE).

Movement uses Move, a programming language originally built by a consortium backed by tech giant Meta for the now-defunct Diem project. The language was then used to develop layer-1 blockchains Sui (SUI) and Aptos (APT).

The project’s native token launched via Binance’s Airdrops Portal in December, but the exchange says that after MOVE was listed, the now-banned market maker sold approximately 66 million MOVE tokens on December 10th, with few buy orders. The market maker ended up netting a profit of $38 million worth of the stablecoin USDT before being offboarded last week.

Binance notified the Movement teams and froze the market maker’s proceeds to compensate users.

The exchange also notes the market maker was associated with another entity it banned earlier this month. The name of the other banned market maker also wasn’t disclosed, though Binance said it operated as a liquidity provider for the decentralized security layer GoPlus Security (GPS) and the AI consumer project MyShell (SHELL).

MOVE is up nearly 24% in the past 24 hours. The 77th-ranked crypto asset by market cap is trading at $0.546 at time of writing.

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