The Movement Network Foundation has launched a $38 million buyback program for its native token, MOVE, using funds recovered from a rogue market maker. The announcement, made on March 24, 2025, comes after an investigation by Binance revealed that the market maker had dumped approximately 66 million MOVE tokens shortly after the token’s listing on December 10, 2024, netting a profit of 38 million USDT with minimal buy-side liquidity.
The market maker’s actions, which violated its agreement to provide balanced liquidity for the MOVE/USDT trading pair, prompted swift action from Binance. The exchange froze the entity’s profits and expelled it from the platform on March 18, 2025. The Movement Network Foundation, unaware of the market maker’s activities until alerted by Binance earlier this month, has since severed all ties with the unnamed entity and collaborated with the exchange to recover the frozen funds.
In a statement released today, the Foundation outlined its plan to use the recovered 38 million USDT to establish a “Movement Strategic Reserve.” This reserve will fund a three-month buyback program aimed at repurchasing MOVE tokens on the open market. The initiative seeks to restore liquidity to the Movement ecosystem, bolster investor confidence, and mitigate the price damage caused by the market maker’s aggressive selling. Following the announcement, MOVE’s price rose approximately 7%, reaching $0.46 as of this morning, according to market data from The Block.
“We are committed to ensuring the long-term stability and growth of the Movement Network,” the Foundation stated. “The recovered funds will be reinvested into the ecosystem to support our community and reinforce trust in MOVE.”
The MOVE token, launched alongside the Movement Mainnet Beta in December 2024, powers a layer-2 blockchain built on Ethereum using the MoveVM programming language. Designed for faster, more secure transactions, the network has garnered attention for its scalability and interoperability features. However, the rogue market maker’s actions threatened to undermine its early success, making the buyback a critical step in repairing the token’s market position.
Crypto analysts view the buyback as a mixed signal. Some see it as a bullish move that could drive MOVE’s price higher by reducing circulating supply and signaling the Foundation’s dedication to its community. Others caution that it may be perceived as damage control, with the token still trading near its lower range despite the recent uptick.
The buyback program is set to begin immediately and will continue over the next three months, with Binance facilitating the process.
