Binance said the market maker profited $38 million before it was removed from the exchange’s platform last month. The company is banned moving forward, Binance said, adding that its profits had been frozen “for the purpose of compensating users.”
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Movement Plunges to All-Time Low After Coinbase Says It Will Delist Ethereum L2 Token
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Binance banned Web3Port, the market maker involved in the MOVE token launch, after it liquidated $38M worth of tokens in December 2024. The profits were frozen for user compensation, and the Movement Foundation launched a buyback plan with plans to use those funds.
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