Movement Labs and the Movement Network Foundation have launched an independent investigation into recent market-making irregularities related to the MOVE token.

nt Labs and the Movement Network Foundation Launch Independent Investigation into MOVE Token Market-Making Irregularities

Movement Labs and the Movement Network Foundation have launched an independent investigation into recent market-making irregularities related to the MOVE token.

Binance announced last month that it would be removing an unnamed market maker from its platform following what it described as “irregularities” in the trading activity of MOVE, the native token of Movement Network.

A spokesperson for Movement Labs confirmed the investigation, describing it as a standard third-party review aimed at ensuring “full transparency and accountability.”

“The Movement Network Foundation is conducting a third-party review following recent market maker anomalies, which is a standard best practice to ensure full transparency and accountability,” the spokesperson said.

“It would be inappropriate to speculate on the outcome of the review or any actions that may or may not result. Operations are continuing as normal while the review is conducted.”

Internal messages on the Slack messaging platform show Movement co-founder Cooper Scanlon telling colleagues that “various avenues are still being explored” and that “nothing is definitive yet.” The identity of the external firm conducting the review was not disclosed.

Amid the ongoing investigation, Movement Labs co-founder Rushi Manche has reportedly taken a temporary leave of absence from the company.

Sources say Scanlon announced Manche’s absence during a meeting on Monday, and Manche did not attend an internal event in San Francisco last week.

However, Manche says he’s still actively involved with Movement Labs. “I’m still in Movement Labs,” he said Monday, adding that he’s been participating in “ecosystem calls all week.”

His Slack account, which went inactive late last week, was reportedly reactivated Monday evening. On X, Manche shared that he and Scanlon host “weekly ecosystem syncs” with developers.

The investigation by Movement Labs comes weeks after Binance agreed to an internal review of MOVE’s market activities, ultimately leading to the delisting of a market-making entity for what Binance described as “irregularities.”

Binance did not disclose the name of the entity, and Movement Labs has also declined to identify the party involved.

News data source: kdj.com

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