Market Cap: $3.2924T -0.700%
Volume(24h): $104.5091B -6.310%
  • Market Cap: $3.2924T -0.700%
  • Volume(24h): $104.5091B -6.310%
  • Fear & Greed Index:
  • Market Cap: $3.2924T -0.700%
Cryptos
Topics
Cryptospedia
News
CryptosTopics
Videos
Top News
Cryptos
Topics
Cryptospedia
News
CryptosTopics
Videos
bitcoin
bitcoin

$105900.232772 USD

0.34%

ethereum
ethereum

$2606.657770 USD

1.10%

tether
tether

$1.000537 USD

0.01%

xrp
xrp

$2.260494 USD

2.95%

bnb
bnb

$661.864680 USD

-0.36%

solana
solana

$155.980406 USD

-0.21%

usd-coin
usd-coin

$0.999553 USD

-0.03%

dogecoin
dogecoin

$0.194279 USD

-0.30%

tron
tron

$0.270928 USD

0.84%

cardano
cardano

$0.684186 USD

-0.73%

hyperliquid
hyperliquid

$36.737891 USD

1.82%

sui
sui

$3.260860 USD

-2.70%

chainlink
chainlink

$14.197118 USD

1.28%

avalanche
avalanche

$21.248379 USD

0.37%

stellar
stellar

$0.274422 USD

1.15%

Cryptocurrency News Articles

Coinbase Delists Movement (MOVE) Token After Market Manipulation Scandal

May 19, 2025 at 08:47 pm

After leaked reports of MOVE token market manipulation and token governance issues, Coinbase delisted the cryptocurrency from its trading platform

Coinbase Delists Movement (MOVE) Token After Market Manipulation Scandal

Coinbase, the leading crypto exchange in the U.S., has suspended trading for Movement (MOVE) and eventually delisted the cryptocurrency from its trading platform on May 15, 2025. This follows leaked reports of MOVE token market manipulation and issues with token governance.

Coinbase assesses each token's business viability, technical security, and regulatory compliance before listing it on its trading platform. The exchange also continuously monitors listed tokens to ensure they adhere to its standards. Following the Movement Labs scandal, Coinbase set MOVE to limit-only trading, restricting users from opening market orders on the platform.

Suspicious Market-Making Contract Prompts Investigation

In December 2024, market maker Web3Port had liquidated 66 million MOVE tokens at a $38 million profit. The selloff occurred just one day after MOVE was listed on major exchanges, which disrupted buy-side stability and prompted global crypto exchange Binance to investigate.

Soon, Binance offboarded the market maker involved in the MOVE token selloff, freezing Web3Port’s profits to potentially compensate affected investors.

Following the market maker’s termination, leaked documents revealed abnormal market-making deals between the Movement Foundation and Rentech, a middleman with no digital footprint. Initially, Rentech proposed a market-making contract allowing it to control 5% of MOVE’s total token supply.

The deal also had other unusual clauses, including a provision enabling Rentech to liquidate its MOVE allocation if the crypto’s fully diluted market capitalization reached $5 billion, distributing half of the profits to the Movement Network.

Lack of Transparency and Mismanagement Within Movement Labs

Before Movement signed a revised version of Rentech’s market-making deal in December 2024, another leaked contract showed a previous agreement between Web3Port and Movement, but with Rentech serving as a representative of Movement Labs.

The pre-existing contract was tied to Movement shadow advisers, who were allegedly given control of up to 10% of MOVE’s total token supply. These allegations, along with the $38 million liquidation controversy, ultimately led to the termination of Movement co-founder Rushi Manshe on May 7, 2025.

Coinbase Delisting Induces 20% MOVE Token Price Drop

After Coinbase’s decision to delist MOVE, the Ethereum L2 crypto’s price dropped by 20%, pushing the token to trade within the $0.20 to $0.18 range. As a result, MOVE’s market capitalization fell below $500 million, placing it in the low-cap crypto category.

The decline in the MOVE token’s price during bullish momentum in the crypto market is even more surprising. Bitcoin (BTC) experienced an uptick to the $97,000 mark, and while a large inflow of investments filled the digital asset industry, MOVE’s price continued to collapse.

Movement’s Crash: Promising L2 Crypto Turned Nightmare Investment

In early 2025, Movement Labs was aiming for a $100 million Series B funding round, which would value the company at $3 billion. At the time, MOVE had already reached an all-time high price of $1.45 per token, and its crypto market cap was $2.5 billion.

Crypto retail investors rushed to secure MOVE tokens and invest in the future of Ethereum Layer 2 technology. However, poor market conditions, mainly the Movement Labs scandal, put downward pressure on the token’s price, which is still being felt today. According to Coingecko’s analysis of the MOVE token, the crypto has dropped 87.5% from its all-time high.

How MOVE’s Controversy Affects Future Listings

Coinbase’s decision to remove MOVE from live trading has several implications, both for upcoming Coinbase listings and currently listed tokens. For new crypto assets, the platform might raise its crypto exchange listing standards, ensuring that internal token governance issues are appropriately considered.

As Coinbase explains in the introduction to its listing process, the available tokens are subject to ongoing monitoring to ensure continued compliance with the listing standards. With the rise of delisted crypto assets from top exchanges, regulatory bodies responsible for regional cryptocurrency market access may add new vetting requirements for trading platforms.

What’s Next for MOVE Token Holders?

Following the case of MOVE crypto market manipulation, the Movement Foundation has announced a third-party audit on the market maker and its external activities. Current MOVE holders should keep abreast of any news and results regarding the external review and official announcements on Movement’s new governance.

Moreover, investors are advised to stay tuned for the Movement’s new leadership following Manshe’s departure. As of May 7, Movement announced new leadership under Move Industries, which includes early Movement Labs employees and two of the crypto’s founding leaders.

Visit Coinbase

Final Thoughts: Why Clean Governance is Important

Disclaimer:info@kdj.com

The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!

If you believe that the content used on this website infringes your copyright, please contact us immediately (info@kdj.com) and we will delete it promptly.

Other articles published on Jun 05, 2025