Binance, reacting to the controversial sale of 66 million Movement tokens by market maker Web3Port shortly after the token’s listing, offboarded the market maker and suspended $38 million in sale proceeds

Event date

December 1, 2024

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As fallout deepened, Binance froze $38 million in proceeds and offboarded the offending market maker, accusing it of flooding the platform with sell orders and little buy support

The lack of transparency surrounding this deal and the subsequent price drop triggered significant backlash from the community and prompted both Binance and Coinbase to take action, with Binance blacklisting the market maker and Coinbase deciding to suspend trading of the MOVE token by May 15.

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Week 49 of 2024