crypto.news 2025-05-01 17:59:17

MOVE drops 20% as Coinbase announces trading suspension on May 15

Coinbase announced on Thursday that it will suspend trading of the Movement token on May 15 at 2:00 p.m. ET, citing routine asset reviews to ensure that listing standards are met. The exchange said MOVE ( MOVE ) order books have already been switched to limit-only mode, meaning users can place or cancel limit orders, but trading at the market price is disabled. MOVE’s price dropped roughly 20% following Coinbase’s announcement, falling from $0.25 to $0.20. You might also like: Ethereum layer-2 Aztec Network launches public testnet to advance on-chain privacy MOVE’s controversy The decision comes amid controversy surrounding MOVE’s market activity and governance. In mid-April, the Movement Network was scrutinized after co-founder Cooper Scanlon took a leave of absence and reports surfaced of “market maker abnormalities.” Those abnormalities are now at the center of an investigation into a potential pump-and-dump scheme linked to a market maker called Web3Port. Internal documents obtained by CoinDesk reveal that Web3Port, a China-based firm, was assigned over 5% of MOVE’s total token supply, which was then allegedly routed through an obscure entity called Rentech. This arrangement allowed Rentech to offload MOVE tokens if the project’s fully diluted value exceeded $5 billion—an event that reportedly occurred on December 9, the day MOVE launched on Binance. BREAKING : $MOVE will delisted from @coinbase . Congratulations 🎊 to @movementlabsxyz @rushimanche pic.twitter.com/2MU1z5xWbz — Drop Bureau (@dropbureau) May 1, 2025 On that day, Web3Port liquidated 66 million MOVE tokens, generating $38 million in sales and triggering a sharp price decline. Those same tokens are now worth about $15.7 million. Contracts reportedly split the profits from such sales 50/50 between Rentech and the Movement Foundation. The Movement Foundation and Web3Port both have ties to World Liberty Financial Inc., a crypto venture backed by members of the Trump family. In January, WLFI purchased 3.42 million MOVE tokens for $1.5 million and also received a $10 million investment from Web3Port. Coinbase has not directly cited the pump-and-dump allegations in its delisting rationale but reiterated that it regularly monitors assets for compliance with listing standards. You might also like: Sam Altman-backed World App launches human-focused DeFi with Morpho

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