tl;dr
MOVE, the native token of Ethereum layer-2 network Movement, hit an all-time low after Coinbase announced it will suspend trading of the token on May 15, 2025. The suspension follows a review by Coinbase and comes amid an internal investigation by Movement Labs into a market-making agreement that le...
Coinbase will suspend trading of Movement's MOVE token on May 15, 2025, causing its price to crash to an all-time low.
Movement Labs is investigating a market-making agreement that led to 66 million MOVE tokens being sold on the open market, suspected to involve deception.
Binance offboarded a market maker for misconduct related to MOVE token sales, freezing $38 million in profits to compensate users.
The Movement Network Foundation plans to use frozen funds for a buyback program and establish a strategic reserve.
MOVE's price previously spiked after a $1.9 million purchase by a DeFi platform affiliated with Donald Trump’s family.
The Movement community is concerned about the Coinbase trading suspension, while the token team is negotiating to resolve the issue and insists it is not a delisting.
MOVE, the native token of Ethereum layer-2 network Movement, hit an all-time low after Coinbase announced it will suspend trading of the token on May 15, 2025.
The suspension follows a review by Coinbase and comes amid an internal investigation by Movement Labs into a market-making agreement that led to 66 million MOVE tokens being sold on the open market.
The market maker involved, Rentech, denied wrongdoing.
Binance previously offboarded a market maker for misconduct involving similar token sales and froze $38 million in profits to compensate users.
Movement Network Foundation plans to use these funds for a buyback and to establish a strategic reserve.
Despite the suspension, Movement Labs is negotiating with Coinbase and assessing options, with community members concerned about the token's future.
MOVE crashed to an all-time low on the day Coinbase announced it will suspend trading effective May 15, 2025.
Coinbase stated it regularly monitors assets to ensure they meet listing standards and after recent reviews, decided to suspend MOVE trading at around 2 PM ET that day.
The token price dropped nearly 14% to $0.2079, marking its lowest price recorded by crypto data providers.
MOVE launched in December alongside Movement’s mainnet beta.
Market makers provide liquidity by placing continuous buy and sell orders.
Movement Labs suspects deceit in an agreement with Rentech, who facilitated the sale of 66 million tokens on the open market.
Rentech denies allegations of misrepresentation.
Binance had removed a market maker for misconduct involving MOVE token sales, freezing $38 million in profits for user compensation.
The Movement Network Foundation will use these frozen funds to conduct a buyback and create a strategic reserve.
Previously, MOVE’s price surged after World Liberty Financial, affiliated with Donald Trump and family, purchased $1.9 million worth of tokens.
The Movement community expressed concern about the Coinbase trading suspension on official channels.
Community managers emphasize that suspension is not delisting and that the team is actively negotiating with Coinbase to resolve issues.
The token’s future remains uncertain but efforts continue to maintain trading access.