According to Binance's official announcement, the market maker for the MOVE project engaged in serious market manipulation, with the specific violations as follows:
On the day after the MOVE token went live, this market maker concentrated on selling approximately 66 million tokens, while the order volume was severely insufficient.
As of March 18, 2025 (Beijing time), before being delisted, this market maker illegally profited 38 million USDT.
Platform handling measures:
The violations of the market maker have been reported to Movement Labs and the Movement Foundation team.
Freeze all illegal earnings of the market maker.
The project party has promised to use the illegal gains for user compensation.
Permanently terminate cooperation with this market maker and prohibit them from conducting any market-making business on the Binance platform.
Market Observation:
Binance has recently strengthened its market regulation efforts, implementing a zero-tolerance policy of 'delisting for non-compliance' against institutions that fail to fulfill their market-making obligations. This incident once again highlights the unequal game between cryptocurrency market makers and retail investors, and investors should be wary of the abnormal volatility risks during the early stages of new coin listings.
Investors are advised to closely monitor platform announcements, rationally assess project risks, and avoid becoming victims of market manipulation.
