MOVE Token Crashes After Coinbase Delisting and $38M Governance Scandal

  • Coinbase delisting triggered a sharp drop in the MOVE token’s market value.
  • Movement Labs suspended co-founder amid $38 million token dumping scandal.

The MOVE token has experienced a significant drop since Coinbase announced plans to delist the asset, confirming it would suspend trading on May 15, 2025. 

The exchange stated it had moved all MOVE trading pairs to limit-only mode. Users can place and cancel limit orders until the suspension takes effect at 2 PM ET across all platforms. Coinbase said the decision followed a routine asset review, and MOVE no longer met its listing standards. The delisting removes a central trading avenue for MOVE holders, increasing market uncertainty and pressure on the token’s price.

Source: Coinmarketcap

At the time of writing, MOVE is trading at $0.1967, marking a 2.65% drop in 24 hours. The token recently fell to a low of $0.19 after peaking above $0.25. The sharp decline reflects weakening demand and deepening concern over the project’s future.

Leadership Crisis and Market-Making Scandal Deepen Troubles

Adding to the crisis, Movement Labs has suspended its co-founder, Rushi Manche, amid serious allegations. The company is scrutinized for a $38 million market-making scandal involving Rentech. 

A third-party review led by Groom Lake uncovered a deal allowing Rentech to offload large volumes of MOVE tokens. The arrangement was triggered when the project’s valuation hit $5 billion, causing a market-wide sell-off. Manche denied involvement, stating that bad actors had manipulated the agreements without his knowledge.

Movement Labs is under pressure to provide clarity and restore stakeholder trust. The company’s internal review continues, focusing on governance failures and the token dump’s impact. Investors are demanding transparency and stronger oversight to avoid further damage.

Manche has distanced himself from the scandal and rejected claims of unauthorized sales. However, the suspension signals the company’s effort to address public concerns.

Meanwhile, Binance is facing a separate internal issue involving token trading misconduct. The exchange reported that a staff member used insider information to profit from an upcoming Token Generation Event. 

Binance said the employee’s actions breached company policy, and legal action is underway. The platform confirmed it is cooperating with relevant authorities to address the violation.

Disclaimer: This article is for informational purposes only and does not constitute financial advice. CoinCryptoNewz is not responsible for any losses incurred. Readers should do their own research before making financial decisions.

Hot this week

Kanye West’s $YZY Collapses 65% After $2B Market Cap Launch

Insider wallets secured huge profits before $YZY’s rapid market...

Ethereum Paired Against Bitcoin: Analyzing the Recent Trends

ETH/BTC is currently mid-range, with dips to 0.0323 seen...

While Ethereum Stalls, This Altcoin Is Exploding – Time to Make a Switch

Ethereum’s market performance has turned sharply lower in recent...

Coinbase Holds $300 While Key Supports at $288 and $252 Remain in Focus

Coinbase holds above $300 as key supports at $288 and $252 define its next move. Will momentum extend to $340 or slip toward $220?

Alpha Airdrops Push Binance Wallet to 95% Crypto Swap Market Share

Binance Wallet secures 95% share, outperforming rival crypto wallets...

Topics

Kanye West’s $YZY Collapses 65% After $2B Market Cap Launch

Insider wallets secured huge profits before $YZY’s rapid market...

Ethereum Paired Against Bitcoin: Analyzing the Recent Trends

ETH/BTC is currently mid-range, with dips to 0.0323 seen...

While Ethereum Stalls, This Altcoin Is Exploding – Time to Make a Switch

Ethereum’s market performance has turned sharply lower in recent...

Coinbase Holds $300 While Key Supports at $288 and $252 Remain in Focus

Coinbase holds above $300 as key supports at $288 and $252 define its next move. Will momentum extend to $340 or slip toward $220?

Alpha Airdrops Push Binance Wallet to 95% Crypto Swap Market Share

Binance Wallet secures 95% share, outperforming rival crypto wallets...

Avalanche AVAX Faces Critical Trendline Test Breakout or Breakdown Ahead

AVAX consolidates around $23, testing its ascending trendline from...

Capital Outflows and Trading Volume Surges Define Crypto’s Transitional Phase

Capital outflows and trading volume surges define crypto’s transitional phase, with inflows dropping 24% and Bitcoin volume spikes signaling key cycle shifts.

Whales Fuel Cardano’s Surge: A Crucial Breakout Zone Ahead

Whales fuel Cardano’s surge as 100M ADA gets accumulated in 24 hours. With 142% yearly growth, Cardano nears a crucial breakout zone around $1.00.
spot_img

Related Articles

Popular Categories

spot_imgspot_img