Coinbase Suspends MOVE Token

This sharp decline in MOVE came as a shock to investors, especially since it had only been listed on Coinbase a few months earlier. Following the development, MOVE’s price dropped to as low as $0.20. 

We regularly monitor the assets on our exchange to ensure they meet our listing standards. Based on recent reviews, we will suspend trading for Movement (MOVE) on May 15, 2025, on or around 2 PM ET.

— Coinbase Assets (@CoinbaseAssets) May 1, 2025

The long-awaited MoveDrop event was postponed again due to deteriorating market conditions. The postponement was announced on the day the airdrop was expected, causing significant disappointment among users who had been collecting points. 

The MOVE team had prepared 740 million tokens for distribution. Additionally, 5% of the MOVE supply on Binance had been allocated for this airdrop. 

Insider Selling and Market Manipulation Revealed 

The MOVE token project initially appeared to be trustworthy. The project raised $40.4 million and built an ecosystem offering DeFi applications and developer tools. The platform had $122 million in total value locked and stablecoin liquidity of around $23 million.

However, MOVE collaborated with malicious market makers. A firm called Web3Port sold 66 million MOVE on Binance, causing the price to fall. Binance banned this firm. Later, the team partnered with Rentech, which artificially pumped the price and then applied selling pressure through aggressive sales. 

Heavily promoted on social media, the MOVE token was also bought by the Trump family’s fund, World Liberty Fi. However, the fund sold all its MOVE tokens shortly after. 

After being listed on major exchanges like Binance and Coinbase in December 2024, the MOVE token rose as high as $1.40. However, due to insider selling allegations and airdrop delays, the price plummeted. MOVE is currently trading at $0.0197. 

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The post MOVE Token Crashed: Delisted by Coinbase, Airdrop Cancelled! appeared first on Coin Engineer.

Governance Under Fire

Allegedly, Movement Labs struck a market-making deal with Rentech, posing as an affiliate of Chinese firm Web3Port. Internal documents reveal Rentech represented both Web3Port and the Foundation itself, sparking conflict-of-interest concerns. The firm sold all its 66M MOVE tokens within 24 hours of launch, sending shockwaves through the crypto community.

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Reports claim Manche forwarded early drafts of the deal and maintained involvement with both Movement Labs and the nonprofit Foundation—despite their intended separation. Legal advisers reportedly called the deal “one of the worst” they’d ever reviewed, yet it proceeded, leading to massive market disruption.

Major Exchange Reactions

Binance responded by offboarding the market maker and freezing $38 million in proceeds, citing misconduct. Later, Coinbase announced it would suspend MOVE trading on May 15, further compounding the project’s turmoil.

Following these announcements, MOVE dropped 14% to $0.20, with a daily loss of 21%, according to Coingecko. A third-party governance audit by Groom Lake is underway to determine Manche’s role in the deal.

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The post Crisis at Movement Labs: 66M MOVE Dump Triggers Major Fallout! appeared first on Coin Engineer.