Binance has banned another market maker and frozen its assets after identifying certain irregularities.
The top global crypto exchange didn’t identify the market maker but noted that it operated for the Ethereum (ETH)-based layer-2 project Movement (MOVE).
Movement uses Move, a programming language originally built by a consortium backed by tech giant Meta for the now-defunct Diem project. The language was then used to develop layer-1 blockchains Sui (SUI) and Aptos (APT).
The project’s native token launched via Binance’s Airdrops Portal in December, but the exchange says that after MOVE was listed, the now-banned market maker sold approximately 66 million MOVE tokens on December 10th, with few buy orders. The market maker ended up netting a profit of $38 million worth of the stablecoin USDT before being offboarded last week.
Binance notified the Movement teams and froze the market maker’s proceeds to compensate users.
The exchange also notes the market maker was associated with another entity it banned earlier this month. The name of the other banned market maker also wasn’t disclosed, though Binance said it operated as a liquidity provider for the decentralized security layer GoPlus Security (GPS) and the AI consumer project MyShell (SHELL).
MOVE is up nearly 24% in the past 24 hours. The 77th-ranked crypto asset by market cap is trading at $0.546 at time of writing.
Follow us on X, Facebook and TelegramDon't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: Midjourney
