|

Coinbase to delist $500M MOVE token amid market manipulation concerns

  • Coinbase has announced the decision to delist MOVE token from May 15 following a listing standards review.
  • Movement Labs faces scrutiny over a $38M selloff linked to a disputed market-making deal.
  • Third-party investigation is underway as internal documents reveal potential conflict of interest.
  • MOVE token price plunged 20% on the news, with its market cap tumbling below the $500 million mark. 

Coinbase has announced the suspension of MOVE token trading, raising new questions over Movement Labs’ token distribution and governance integrity.

Coinbase to delist MOVE token over market manipulation concerns 

Coinbase said Thursday it will suspend all MOVE token trading pairs on May 15, after concluding a routine review of listing standards. The announcement follows weeks of speculation about irregularities in MOVE’s market activity.

While Coinbase didn’t cite manipulation as the reason, the exchange moved MOVE order books into limit-only mode and confirmed that the token no longer meets its listing criteria. 

The decision comes as Movement Labs continues to investigate controversial transactions involving a terminated market maker accused of triggering a $38 million token dump.

The Movement Network Foundation had severed ties with the market maker earlier in April, initiating a $38 million USDT buyback through a new reserve fund. A third-party investigation is now underway to determine whether Movement Labs executives were misled or complicit in enabling the alleged manipulation.

Internal documents revealed Rentech had influence on both sides of the deal, raising serious conflict-of-interest concerns and governance failures within the Movement Network.

Price impact: MOVE plunges 20% despite Bitcoin hitting 70-day highs

While Bitcoin traded near a 70-day high above $97,000 this week, the MOVE token declined rapidly, reflecting its internal credibility crisis. 

Movement (MOVE) token price action, May 2 | CoinGecko

Movement (MOVE) token price action, May 2 | CoinGecko

Following the Coinbase announcement, MOVE plunged over 20% to a record low of $0.18 before recovering slightly to $0.20, according to Coinkeco data, MOVE market cap has now declined below the $500 million mark. 

Notably, the decline marks the sharpest single-day drop since MOVE’s launch in December. Having peaked near $0.70 earlier this year, the MOVE token is now trading 73% below its all-time high valuation.

Author

Ibrahim Ajibade

Ibrahim Ajibade is an accomplished Crypto markets Reporter who began his career in commercial banking. He holds a BSc, Economics, from University of Ibadan.

More from Ibrahim Ajibade
Share:

Editor's Picks

XRP turns bearish as US inflation jitters hit crypto

Ripple is stuck in a bearish trend, trading near $1.30 on Thursday. The remittance token’s bearish shift reflects the broader cryptocurrency market, which remains under heavy selling amid concerns about accelerating inflation in the US.

Pi Network extends losses ahead of Protocol v28 Mainnet upgrade

Pi Network (PI) trades around $0.0780 at press time on Thursday, rising from $0.0740 earlier in the day. Pi Mainnet is scheduled for the Protocol v28 upgrade on Friday, focusing on data handling and smart contract maintenance.

Crypto Today: Bitcoin, Ethereum and XRP test short-term support amid market-wide selling

Cryptocurrency prices remain under intense selling pressure on Thursday, with Bitcoin struggling to hold above $81,000 after testing its key demand area near $80,000. Ethereum reflects Bitcoin’s weakening technical outlook, edging lower below $2,400.

Bitcoin slips below $81,000 amid inflation fears, ETF outflows

Bitcoin extends losses, slipping below $81,000 on Thursday as hotter-than-expected US inflation data weigh on market sentiment. Institutional demand weakens as BTC spot ETFs recorded an outflow of over $261 million on Wednesday.

Bitcoin: Uptober or Rektober?
Bitcoin (BTC) price is down over 4% so far this week, trading below $83,000 at the time of writing on Friday as mounting selling pressure threatens to derail the seasonal “Uptober” rally. Profit-taking, a surge in long liquidations and weakening demand from institutional investors are weighing on BTC.