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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Binance, the crypto exchange, later banned the market-making account for “misconduct,” and Movement announced a token buyback plan.

Following the controversy, the Movement Network Foundation said it would use those funds to facilitate a buyback program

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.”