Movement Network launches $38M MOVE token buyback

Following an alleged violation of a contract by a market market, Movement Network launched a redemption program of $ 38 million for its move.

In a March 24 statement On their official blog, the Network Foundation movement revealed that Binance had warned them against the problem earlier this month. The market manufacturer sold huge amounts of movement network (MOVE) without providing the liquidity contained on the movement / USDT pair.

The foundation was not aware of the activities of the market manufacturer and reduced the links during the discovery. The team worked with Binance to recover funds. Using the 38 million dollars in Tether (USDT) which has already been recovered, Movement Network will buy the travel tokens on the free market.

The acquisition will take place on Binance in the next three months and the tokens will be periodically transferred to the strategic reserve of the movement.

The movement network is a modular blockchain ecosystem that allows developers to launch high performance Movevm rollers that connect the Move and Ethereum virtual machine networks. The network fits into Ethereum (Ethn) Thanks to a dedicated bridge and complaints to reach a transaction capacity of more than 160,000 per second.

On March 10, the network spear Its public beta beta, allowing the deployment without authorization of decentralized applications. To solve the cold start -up problem, where the new blockchains fight with low liquidity, the movement has unveiled the abundance horn, a program of incentive liquidity bootstrap, alongside its beta version of the Public Mainnet.

The program has helped Movement Network to secure more than $ 250 million of total locked value. With a market capitalization of $ 1.1 billion, the blockchain is supported by a number of eminent investors, including Polychain Capital and Binance Labs.

In particular, World Liberty Financial by Donald Trump has a value of $ 3.42 million, according to Arkham Intelligence dataadding to the growing institution interest in the token.