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Movement Network to buy back tokens with $38M recovered from rogue market maker
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The organization behind the Movement Network said it will use $38 million recovered from a market maker to buy back MOVE tokens over the next three months.
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On March 24, the Movement Network Foundation said it recovered about $38 million in assets from a market maker tasked with providing liquidity on buy and sell orders for the Movement (MOVE) token on Binance.
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Binance offboarded the market maker due to “market irregularities.” The exchange sanctioned the market maker, freezing its proceeds and forbidding it from further market-making activities.
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Market makers provide liquidity to crypto tokens to attract traders and stabilize their prices. These entities are tasked with providing liquidity on both buy and sell orders to ensure the smooth operation of crypto exchanges.
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According to Binance, the market maker sold 66 million MOVE tokens after the token was listed, while placing “little” in buy orders. These trades netted the market maker $38 million in Tether USDT from their trades.
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Binance said it froze the profits and informed the Movement Network Foundation of the incident.
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The foundation said it had “severed all relationships” with the market maker and had recovered the frozen funds from the market maker’s rogue actions, which it said it would use in a buyback program:
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The organization also shared a wallet address for its “Movement Strategic Reserve,” to which the purchased MOVE tokens will be transferred periodically.
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The final decision — of whether to launch an Israeli CBDC — will be made after 2026, based on research, public feedback and regulatory considerations.
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As part of the process to examine and evaluate the necessary functionalities of a digital shekel, the Bank of Israel issued a “Digital Shekel Challenge.” The challenge encourages technologists and businesses to showcase various real-world use cases for an in-house CBDC.
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Key features of the digital shekel would also include offline functionality, interoperability with other payment systems and digital asset networks and instant settlements. The report added:
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According to the current plan, the Bank of Israel will be the sole issuer of the CBDC, and private-sector participants will help with user onboarding, converting deposits and providing advanced financial services.
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In the latest report, it highlighted that CBDCs can benefit the general public:
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Still, some analysts are concerned that Bitcoin’s correction may see the world’s first cryptocurrency revisit $70,000.
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The firm is also embroiled in a tussle with the San Francisco Treasurer and Tax Collector, which audited the firm’s tax receipts tax from 2020–2022 and claimed additional taxes were owed on Bitcoin-related revenue.
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The record two-week sell-off from the Bitcoin ETFs may be largely attributed to ongoing trade tensions between the US and China after new import tariffs were announced. Investors are still waiting for US President Donald Trump’s meeting with Chinese President Xi Jinping, aimed at resolving trade tensions.
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The Texas Senate is set to hold a public hearing on Feb. 18 to discuss the establishment of a Bitcoin reserve, but market analysts say the move may be largely symbolic unless the state announces an immediate investment plan.
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Nate Geraci, president of The ETF Store, noted the significance of these filings.
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Earlier this week, asset manager VanEck, on Jan. 15, submitted an application to the SEC for the “Onchain Economy” ETF. According to the filing, the fund aims to invest in a broad range of crypto-focused firms, including software developers, mining companies, exchanges, infrastructure builders, payment providers and other businesses within the cryptocurrency sector.
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