Coinbase delisting sends Movement’s MOVE token to all-time low amid market-making scandal
By: bitcoin ethereum news|2025/05/02 18:00:01
0
Share
The native token of the Ethereum-based Movement Network, MOVE, plunged to a historic low following Coinbase’s delisting amid the ongoing controversy tied to questionable market-making activities. The US crypto exchange announced on May 1 that it would suspend MOVE trading across its platforms by May 15, citing the token’s failure to meet its listing standards. Before the upcoming suspension, Coinbase said it would place MOVE order books in limit-only mode, which would allow its users to set or cancel orders without executing new trades. Coinbase’s move sent MOVE’s price tumbling by 23% to an all-time low of $0.18 and further deepened its losses to over 50% in the past month. This places the digital asset nearly 84% below its December 2024 all-time high of $1.21. Movement’s internal turmoil Adding to the project’s woes, Movement Labs suspended co-founder Rushi Manche on May 2 amid an ongoing investigation into suspicious market-making activities that triggered a token dump. The firm stated that the decision was made in light of unfolding events and confirmed that the internal investigations remain active in the case. The investigation follows Binance’s earlier action to freeze funds linked to an unnamed market maker that offloaded a large amount of MOVE tokens in December. To restore trust, the Movement Network Foundation ended its relationship with the market maker and launched a $38 million buyback initiative to establish the Movement Strategic Reserve. Although Binance did not name the party involved, a recent CoinDesk report identified Web3Port as the market maker behind the MOVE distribution. The report further revealed that a firm called Rentech was involved on both ends of the agreement, enabling it to collect the 66 million MOVE tokens. Rentech reportedly sold the tokens in December 2024, contributing to the sharp price drop. In response to the fallout, Movement Labs hired Web3 intelligence firm Groom Lake to conduct a third-party review. The company will adopt new governance measures based on the audit’s results. Manche speaks out Amid the ongoing controversy, Movement’s suspended co-founder Manche broke his silence, expressing disappointment with the network’s current state. He said: “Movement has deviated far from the dream i had and it hurts me to see it like this.” While he didn’t provide specifics on how the project changed, Manche claimed that all decisions regarding market makers were made with full approval from the foundation’s leadership. He blamed bad actors for manipulating the process and profiting by playing both sides. However, he admitted that mistakes had happened, claiming that shadow actors influenced decisions while deflecting accountability, managing treasury funds, negotiating deals, and hiring key personnel. Manche said: “We trusted wrong advisors, mms, and folks going into a bear market. i personally trusted opportunistic administrators who acted as shadow decision makers behind the decisions with their own financial motives.” He also clarified that he never personally sold or over-the-counter (OTC) traded any MOVE tokens. He said all funds raised were secured through venture rounds to support Movement’s growth. Source: https://cryptoslate.com/coinbase-delisting-sends-movements-move-token-to-all-time-low-amid-market-making-scandal/
You may also like

Zuck is really out of touch! He actually acquired a dated Lobster-based social platform?
The asset pool Meta can now touch is not on the same level as it was in 2012

Key Market Information Discrepancy on March 11th - A Must-See! | Alpha Morning Report
1. Top News: Iran Reportedly Plants Mines in the Strait of Hormuz, Trump Warns of "Unprecedented" Military Strike
2. Token Unlock: $IO

How to Deal with Trump? Accept this "Art of the Deal Playbook"
The U.S. macro research firm The Kobeissi Letter deconstructs its "10-Step Conflict Pattern": Verbal Pressure, Friday Night Raid, Market Triple Bottom Exploration, Conditional Downgrade... concluding with a single "trade" paper.

AI Computing Power Arms Race Intensifies: This Startup Aims to Mine Bitcoin in Space
The next battleground for AI computing power is extending into space, gradually becoming a new frontier in commercial storytelling.

Claude Code launches the /btw feature, Musk X Money set to launch soon, what's the English community talking about today?
What have foreigners been most interested in over the past 24 hours?

Polymarket Arbitrage Bible: The Real Edge is in the Math Infrastructure
Predictive Market-Making Quantitative Arbitrage Logic.

What Is OpenClaw? How The AI Agent Could Automate Crypto Trading Through APIs
OpenClaw is a rapidly growing AI agent on GitHub that can automate tasks and even execute crypto trades through exchange APIs. Learn how OpenClaw works, how it connects to exchanges, and the risks traders should understand before using AI trading agents.

Morning News | Tencent is building an AI intelligent entity for WeChat; Meta announces acquisition of Moltbook; Nvidia plans to launch the AI agent open-source platform NemoClaw
Overview of Important Market Events on March 10

NVIDIA's Jensen Huang's new article: The "Five-Layer Cake" of AI
NVIDIA breaks down AI into a five-layer system consisting of energy, chips, infrastructure, models, and applications, and points out that every successful AI application will pull the entire industrial chain from computing power to electricity downward.

In-depth Analysis of ERC-8183: The Answer to the Trust Issue of Ethereum-Powered AI Agents
In the world of agents, one cannot conquer the world solely with reputation.

Stock Tokenization Revolution: Market Dynamics, Product Architecture, and Regulatory Moat Panorama Report
The integration of the $150 trillion global stock market with blockchain infrastructure is no longer just a proposition—it is happening.

The current Lobster Skill is just yesterday's Fruit Ninja, only meant to get you acquainted.
How Will Lobster Make Its Way into Our Lives?

Key Market Intelligence on March 10th, how much did you miss out on?
1. On-chain Funds: $51.2M USD inflow to Hyperliquid today; $51.2M USD outflow from Arbitrum
2. Biggest Gainers and Losers: $DRV, $OM
3. Top News: Middle East Conflict Sparks Stagflation Trading, Global Stock Markets Shed About $6 Trillion USD

IOSG: From Interest-Bearing Stablecoins to Crypto Credit Products
Bear Market Favors Stablecoin Yield Farming, Rise of Real World Asset (RWA) Lending with Interest-Bearing Stablecoins.

NVIDIA CEO Jensen Huang's Latest Article: The "Five Layers of AI"
NVIDIA breaks down AI into a five-level hierarchy of Energy, Silicon, Infrastructure, Models, and Applications, and points out that every successful AI application will pull through the entire stack from computation to power in the industry chain.

Daily Observation of Cryptocurrency Concept Stocks: Nasdaq Bets on Stocks on the Blockchain, Strategy Buys Another 17,994 BTC, ETH Treasury Stocks Enter Production Period
Traditional exchanges are beginning to embrace stock tokenization, while BTC treasury companies continue to increase their holdings through capital market instruments. ETH treasury companies, beyond Bitcoin, are also starting to validate the "holding + earning interest" balance sheet logic.

One-click onboarding to RootData, allowing project information to be accurately presented on over 200 platforms including Binance Wallet, Gate, TP, and more
Exchanging disclosure for trust, transparency is no longer a cost of the project, but a core asset for long-termists.

To the Builders who are still persevering in the crypto industry
Kydo deeply reflects on the dilemmas of the cryptocurrency industry: bidding farewell to the false prosperity of "selling infrastructure to developers" and proposing a new paradigm of using programmable capital to provide growth fuel for AI Agent companies.
Zuck is really out of touch! He actually acquired a dated Lobster-based social platform?
The asset pool Meta can now touch is not on the same level as it was in 2012
Key Market Information Discrepancy on March 11th - A Must-See! | Alpha Morning Report
1. Top News: Iran Reportedly Plants Mines in the Strait of Hormuz, Trump Warns of "Unprecedented" Military Strike
2. Token Unlock: $IO
How to Deal with Trump? Accept this "Art of the Deal Playbook"
The U.S. macro research firm The Kobeissi Letter deconstructs its "10-Step Conflict Pattern": Verbal Pressure, Friday Night Raid, Market Triple Bottom Exploration, Conditional Downgrade... concluding with a single "trade" paper.
AI Computing Power Arms Race Intensifies: This Startup Aims to Mine Bitcoin in Space
The next battleground for AI computing power is extending into space, gradually becoming a new frontier in commercial storytelling.
Claude Code launches the /btw feature, Musk X Money set to launch soon, what's the English community talking about today?
What have foreigners been most interested in over the past 24 hours?
Polymarket Arbitrage Bible: The Real Edge is in the Math Infrastructure
Predictive Market-Making Quantitative Arbitrage Logic.