Binance Freezes $38M in MOVE Token Dump Scandal, Targets Market Abuse

The crypto exchange froze the entity’s $38 million in profits and is working alongside the Movement Foundation to protect users and restore trust.

66 Million MOVE Tokens Sold in One Day, $38M in Profits Seized

According to Binance, the dumping began just one day after MOVE was listed on December 10. The market maker sold around 66 million tokens with little buying support, triggering suspicion. Binance reported the actor had ties to a previously banned market maker for GPS and SHELL tokens, which was offboarded from the platform on March 9 due to prior misconduct. The MOVE-related account was removed on March 18, and its profits were frozen for potential user compensation.

Movement Foundation Responds, Launches $38M Buyback Program

Movement Network Foundation said it was unaware of the misconduct, having chosen the market maker based on its prior involvement in the ecosystem. Upon being informed by Binance on March 11, the foundation immediately cut ties and informed other exchanges. In response, it announced a $38 million USDT buyback initiative to create the “Movement Strategic Reserve.” Over the next three months, the foundation will repurchase MOVE tokens on Binance and transfer them to an on-chain wallet dedicated to long-term ecosystem development.

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