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. 

Also, in the comment section, you can freely share your comments and opinions about the topic. Additionally, don’t forget to follow us on Telegram, YouTube and Twitter for the latest news and updates.

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.

You Might Be Interested In: Elon Musk Talks About the Name of a New Memecoin!

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.

You can also freely share your thoughts and comments about the topic in the comment section. Additionally, don’t forget to follow us on our Telegram, YouTube, and Twitter channels for the latest news and updates.

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

Insiders Pulled $107 Million

On-chain analytics platform Lookonchain reported that at least eight wallets linked to the Libra team drained liquidity from the token, withdrawing 57.6 million USDC and 249,671 SOL (worth approximately $49.7 million).

Lookonchain stated:

“The LIBRA team has cashed out $107 million! Eight wallets linked to the LIBRA team acquired 57.6 million USDC and 249,671 SOL by adding liquidity, removing liquidity, and claiming fees.”

This massive rug pull happened just three hours after the token was listed on decentralized exchanges.

How Did Libra Token Collapse?

Initially, Libra surged to a market capitalization of $4.56 billion shortly after launch. However, following the insider cashouts, the token’s market cap plummeted to $257 million within 11 hours.

Following the collapse, Argentine President Javier Milei deleted his X (formerly Twitter) post endorsing the token. Later, he issued a statement blaming political opponents, saying:

You Might Be Interested In: Elon Musk Talks About the Name of a New Memecoin!

“To the filthy rats of the political caste who want to take advantage of this situation to cause harm, I want to say that every day they confirm how vile politicians are, and they only strengthen our conviction to kick them out.”

Warnings Were Issued Before the Collapse

Several blockchain analysis firms had already warned investors about Libra’s flawed tokenomics. Bubblemaps revealed that 82% of the token supply was unlocked and could be sold immediately, raising serious concerns.

Additionally, the project failed to provide any preliminary information about its tokenomics—another major red flag for experienced crypto traders.

Memecoin Craze Continues

Despite the risks, celebrity-endorsed memecoins continue to attract significant investor interest. On January 18, Donald Trump launched his Trump (TRUMP) token, followed by Melania Trump‘s Melania Meme (MELANIA) token on January 19.

Although these speculative projects are highly volatile, some investors manage to profit from them. On February 14, a crypto trader made $28 million in profit by buying the Broccoli memecoin, inspired by Binance co-founder Changpeng Zhao’s dog. However, speculation remains that this wallet may have been an insider.

You can also freely share your thoughts and comments about the topic in the comment section. Additionally, don’t forget to follow us on our Telegram, YouTube, and Twitter channels for the latest news and updates.

The post Milei-Backed Libra Token Crashes: $107 Million Rug Pull! appeared first on Coin Engineer.