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Cryptocurrency News Articles
Coinbase to Delist Movement Network Token (MOVE)
May 02, 2025 at 12:53 am
Crypto exchange Coinbase has announced it will suspend trading of the Movement Network token (MOVE), the native cryptocurrency of the Movement layer-2 blockchain protocol
Crypto exchange Coinbase is planning to suspend trading of the Movement Network token (MOVE), the native cryptocurrency of the Movement layer-2 blockchain protocol, developed by Movement Labs, on May 15.
The exchange shared its decision in a May 1 X post, explaining that the token will no longer meet its listing standards. The price of the MOVE token also declined by approximately 14.5% in the last 24 hours. Coinbase specified the details of the suspension in an announcement:
The suspension of the token follows a recently announced third-party review orchestrated by the Movement Network Foundation into an agreement allegedly signed by Movement Labs and a market-making firm, which is said to be behind the downfall of the MOVE token price in December 2024.
A Movement Network Foundation spokesperson recently confirmed to Cointelegraph that the third-party investigation, which commenced on April 21, is ongoing. The investigation is being conducted by Groom Lake, an independent cybersecurity and intelligence firm, and has cast a cloud over the MOVE token's price.
Third-party investigation into Movement Labs deal
The details of the ongoing investigation, reported by CoinDesk on April 30, revealed an agreement between Movement Labs and Web3Port, a market maker to help distribute the Move token at launch.
According to the report, a company called “Rentech” helped to broker the agreement between the two firms, appearing on both sides of the deal — as a Web3Port subsidiary and as an agent of the Movement Foundation.
The deal reportedly gave Rentech control of over 66 million MOVE tokens that it sold-off after the token launch in early December 2024, triggering $38 million in downward price pressure.
The MOVE token has been in a downtrend ever since early January 2025 and is trading at around $0.20 at the time of this writing.
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