- 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.
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.
