The Movement Network has started a $38 million MOVE token repurchase initiative as a result of a breach of agreement by a market maker.
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The Movement Foundation learned that the market maker was unloading substantial volumes of MOVE tokens without delivering the agreed-upon liquidity for the MOVE/USDT trading pair. Upon discovering this, the foundation ended its relationship with the market maker and has been cooperating with Binance to recoup the funds. Earlier this month, Binance informed the Foundation about the problem.
The retrieved $38 million in Tether (USDT) will be used to buy back MOVE tokens on the open market over the following three months, with the repurchased tokens being transferred to the Movement strategic reserve.
Movement Network interfaces with Ethereum (ETH) and claims a throughput of more than 160,000 transactions per second. It is a modular blockchain environment that allows programmers to construct high-performance MoveVM Rollups, connecting Move and Ethereum Virtual Machine networks.
The network launched its public mainnet Beta on March 10, allowing for permissionless deployment of decentralized applications. To address the liquidity issues that new blockchains confront, Movement also launched Cornucopia, an incentivized liquidity bootstrapping program. The blockchain has a market capitalization of $1.1 billion and is supported by investors such as Polychain Capital and Binance Labs. The Cornucopia initiative has assisted Movement Network in achieving a total locked value of over $250 million.
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According to data acquired from Arkham Intelligence, the MOVE token is undergoing a rise in trading volume, with tokens valued at $42 million being introduced into the market. This increase is accompanied by mounting curiosity among large-scale investors, hinting at a possible alteration in the token’s market trends. Toncoin (TON) Value Forecast for March 26th
