Movement: A $38 million MOVE buyback plan will be carried out on CEX within three months. We have cut off contact with market makers who sold a large amount of tokens after TGE
PANews reported on March 25 that the Movement Network Foundation has issued a statement claiming it received a notice from CEX on March 11, stating that a market maker is suspected of improper operations involving multiple tokens including $MOVE. This market maker sold off large amounts of tokens after the $MOVE TGE, violating its agreement to provide bidirectional liquidity support. The foundation was unaware of this and immediately severed ties with them upon learning about it, notifying other exchanges and assisting in launching an investigation.
Movement Network stated that they have recovered related funds and plan to use the reclaimed $38 million for repurchasing $MOVE in the open market, establishing a "Movement Strategic Reserve" fund. The buyback will take place at CEX within the next three months, and purchased $MOVE will be regularly transferred into their official blockchain wallet 0xA14C8e3eBb2Da43d027dC2c1b763387B9D59cACe.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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