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

Binance has banned one other market maker and frozen its property after figuring out sure irregularities.

The highest world crypto change didn’t establish the market maker however noted that it operated for the Ethereum (ETH)-based layer-2 venture Motion (MOVE).

Motion makes use of Transfer, a programming language initially constructed by a consortium backed by tech large Meta for the now-defunct Diem venture. The language was then used to develop layer-1 blockchains Sui (SUI) and Aptos (APT).

The venture’s native token launched by way of Binance’s Airdrops Portal in December, however the change says that after MOVE was listed, the now-banned market maker bought roughly 66 million MOVE tokens on December tenth, with few purchase orders. The market maker ended up netting a revenue of $38 million price of the stablecoin USDT earlier than being offboarded final week.

Binance notified the Motion groups and froze the market maker’s proceeds to compensate customers.

The change additionally notes the market maker was related to one other entity it banned earlier this month. The identify of the opposite banned market maker additionally wasn’t disclosed, although Binance mentioned it operated as a liquidity supplier for the decentralized safety layer GoPlus Safety (GPS) and the AI client venture MyShell (SHELL).

MOVE is up almost 24% up to now 24 hours. The 77th-ranked crypto asset by market cap is buying and selling at $0.546 at time of writing.

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