MOVE Token Jumps 25% as Movement Unveils $38M Strategic Reserve Following Market Maker Breach

Movement’s MOVE token surged over 25% during East Asia’s morning trading session as investors responded positively to the project’s newly announced $38 million buyback initiative aimed at creating a Strategic Reserve.

The move follows an alleged breach of contract by a market maker, which reportedly engaged in one-sided trading activity, extracting $38 million in profits while failing to provide proper liquidity.

Despite MOVE’s sharp rally, the broader market remained largely stable, with the CoinDesk 20 (CD20) index trading flat. Major assets like Bitcoin (BTC) and Ether (ETH) saw only minor gains, each up less than 1%.

In a March 24 blog post, Movement Network stated that all funds recovered from the market maker would be used to repurchase MOVE tokens, reinforcing liquidity within the ecosystem.

“The Strategic Reserve will ensure long-term sustainability for MOVE holders and prevent future disruptions caused by bad actors,” the team stated.

Crypto exchange Binance had previously taken action against the market maker, citing violations of fair trading practices. The firm had placed heavy sell orders without balancing them with buy orders, leading to price instability.

“Market makers must provide stable liquidity and adhere to our bid-ask balance requirements. Violators will face necessary corrective actions,” Binance said in a statement.

MOVE’s strong rebound indicates that traders view Movement’s intervention as a positive step toward restoring confidence in the token’s ecosystem.