Movement Network Probes Market Maker ‘Anomaly’

The Movement Network team has launched an investigation after Binance ceased collaboration with an unnamed market maker due to price manipulation of the MOVE token. This was reported by Blockworks.

A representative from Movement Labs confirmed to the publication that a third party has been engaged in the process. In light of this, project co-founder Rushi Manche has taken a “temporary leave.”

“The Movement Network Foundation is conducting a review following recent market maker anomalies — a standard practice to ensure full transparency and accountability. It would be inappropriate to speculate on potential outcomes. Operations continue as usual,” the statement reads.

In late March, Binance suspended the market maker from its platform due to “improper actions” related to the MOVE token.

According to the statement, the participant sold 66 million coins shortly after their listing, earning a profit of 38 million USDT. The exchange froze these funds and passed the information to the Movement Network Foundation.

Binance reported that the market maker had previously violated platform standards. Representatives noted that a similar situation had occurred earlier with the GPS and SHELL tokens, leading to restricted access to the exchange for the participant on March 9.

Movement declined to disclose the partner suspected of market abuse. According to well-known on-chain researcher ZachXBT, the entity in question is Web3Port. Journalists noted that the market maker has been regularly active on the crypto project’s social media in recent months.

Over the past 30 days, MOVE’s price has fallen by nearly 42%. The asset’s market capitalization stands at ~$638 million with an FDV of $2.6 billion.

Earlier, experts identified insider manipulation as the cause of the recent 90% collapse of the OM token from the RWA project Mantra. The coin lost $5.5 billion in capitalization.