Coinbase set to suspend Movement (MOVE) from May 15 after insider selling allegations

By: coinfea|2025/05/02 15:15:02
0
Share
copy
Coinbase has announced plans to suspend Movement (MOVE) months after listing. MOVE was the token of an ambitious project that crashed after evidence of insider selling.Coinbase said the suspension will take effect from May 15, while shifting the asset to limit order mode effective immediately. The suspension arrives only months after listing and promoting MOVE, following erratic price movements and evidence of insider selling.Coinbase decided while MOVE was still actively trading on other exchanges. After the announcement, MOVE fell to another all-time low of $0.20, while retaining relatively high trading volumes above $234M in 24 hours. MOVE continued its rapid decline, erasing another 16% of its price after the delisting announcement.The token will continue trading on Binance, one of its biggest markets. Previously, Binance tried to repair the damage of insider selling by organizing a $38M buyback. The intervention did not prevent MOVE from further crashes and reputation loss.Coinbase to halt MOVE trading as the project delays its airdrop againThe project has announced that its long-awaited MoveDrop campaign will be delayed once again, due to the worsened market conditions for the token. The MoveDrop event was still expected to happen at the end of April. However, the Movement Foundation announced the delay on the very same day, disappointing all point farmers.Just a day before the delay, MOVE had prepared 740M tokens for additional distribution. Another 5% of the token supply sits with Binance, also earmarked for the eventual airdrop. Binance has not yet delisted MOVE and has not announced a move toward that. The Movement project was also supported by YZi Labs, which raised an undisclosed round a year ago.Binance, along with Upbit, carries around 45% of all MOVE trading volumes. Traders expect Binance to keep MOVE until June when it can unlock another 5% of the token supply through Launchpool.MOVE showed all the signs of a legitimate project, with $40.4M raised in multiple funding rounds. The project proposed an ecosystem for developers with a DeFi component. Movement was already functioning, with around $122M in value locked. The Movement platform already hosts yield protocols, lending, and DEX apps, drawing in over $23M in stablecoin liquidity. The team intended to grow the ecosystem but blamed its chosen market makers for selling MOVE aggressively.Reportedly, Movement used the services of Web3Port, an investment and acceleration platform. Web3Port was the rogue market maker that sold 66M MOVE on Binance and was banned from the exchange. The market maker had access to around 50% of the circulating supply of MOVE.Later, Web3Port and Movement struck a deal with Rentech for market-making services, leading to unlimited selling shortly after the Binance listing. Web3Port and Rentech then used their token access to pump the price and sell into the higher valuation, without the explicit agreement of Movement.MOVE was also heavily promoted on social media, and even the Trump family fund World Liberty Fi acquired MOVE tokens in several deals. After a short period of holding, World Liberty Fi divested all MOVE.The post Coinbase set to suspend Movement (MOVE) from May 15 after insider selling allegations first appeared on Coinfea.

You may also like

Former ByteDance employee's account: How I started with two Pinduoduo hard drives and made six times the profit with Seagate to achieve financial freedom?

A programmer from a big tech company bought hard drives on Pinduoduo and, following clues, managed to accurately capture the sixfold rising stock Seagate using the "finding daily anomalies + 13F institutional verification" framework, making a wild profit of $400,000 and achieving financial freedom.

MiCA reshuffle begins, Binance temporarily bids farewell to the EU

What Binance leaves behind is not scattered retail investors, but a whole batch of high-value users who are forced to liquidate and have almost nowhere to go.

How does Gate redo "buying and selling stocks" from the cryptocurrency world to the stock market?

The competition logic of exchanges has changed.

Visa and Mastercard join 140 giants to launch a new stablecoin, but the impact on the market landscape may still be limited

As an important milestone event in the stablecoin landscape, OUSD is likely to change the existing stablecoin landscape and significantly increase the adoption rate of stablecoins in the global financial system.

Circle CEO responds to OUSD's challenge: Stablecoins are a winner-takes-all business, and we will not slow down

OUSD was jointly launched by more than 140 giants, causing Circle's stock price to plummet in a single day. Circle's CEO personally wrote a response, clarifying USDC's moat from three aspects: network effects, liquidity, and regulation, and dismantling OUSD's three selling points of "free redemption...

Argentina vs Cape Verde: When a Record-Breaking Legend Meets an Unbreakable Underdog

WEEX exclusive pre-match analysis of Argentina vs Cape Verde, exploring Messi-led Argentina’s dominance and Cape Verde’s historic defensive breakout, with a breakdown of volatility, structure, and match dynamics.

Popular coins

Latest Crypto News

Read more
iconiconiconiconiconiconicon
Customer Support:@weikecs
Business Cooperation:@weikecs
Quant Trading & MM:bd@weex.com
VIP Program:support@weex.com