Binance News: Exchange Offboards Market Maker Amid MOVE Token Misconduct Scandal

Binance, the world’s largest cryptocurrency exchange, has taken drastic action against a market maker accused of misconduct involving the MOVE token. Here’s a detailed look at what happened and the aftermath of the incident.

Binance Offboards Market Maker Over MOVE Token Misconduct

Crypto exchange giant Binance announced the offboarding of a market Maker due to misconduct involving the MOVE token. The unnamed market maker sold 66 million MOVE tokens with little buy orders on December 12, making a $38 million USDT profit before being offboarded on March 18. Movement Labs, the issuer of the MOVE token, said it plans to buy back $38 million worth of MOVE tokens. Both Movement Labs and the Movement Network Foundation claimed they had no knowledge of the market maker’s actions. Crypto sleuth ZachXBT reported that an investor had shared insights into the matter.

Coldware Larna 2400 Web3 Mobile Device Sparks Rumors of Rivalry with Binance Coin (BNB)

In the evolving world of cryptocurrencies, Binance Coin (BNB) has long been dominant. However, Coldware (COLD), a newcomer in the IoT blockchain space, is gaining momentum with the announcement of its Larna 2400 Web3 Mobile Device. This device aims to revolutionize user interaction with Web3 technologies by providing a high-performance mobile device specifically for blockchain applications and IoT integrations. Rumors are swirling that Coldware could potentially rival Binance Coin (BNB) in the near future.