- Coinbase will delist the MOVE token on May 15 amid concerns over market manipulation and governance failures at Movement Labs.
- The token plunged over 20% following the news, with its market cap dropping below $500 million
In a significant move shaking the crypto markets, Coinbase has announced it will delist the MOVE token on May 15 following a routine review of its listing standards. The decision comes amid growing concerns over market manipulation, questionable governance practices, and a dramatic selloff that has cast a shadow over Movement Labs—the team behind MOVE.
While Coinbase stopped short of directly citing manipulation as the reason, the exchange confirmed that MOVE no longer meets its listing criteria. The token has already been moved into limit-only mode, effectively limiting trading functionality ahead of the full suspension.
At the center of the controversy is a $38 million token dump linked to a now-terminated market-making partner. Internal documents and leaked communications suggest that Rentech, the market maker in question, may have influenced both sides of a deal with Movement Labs, raising red flags over conflicts of interest and governance breakdowns.
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In response, Movement Labs initiated a $38 million USDT buyback through a newly formed reserve fund and launched a third-party investigation to determine the extent of executive involvement or negligence. Despite these efforts, the damage to MOVE’s reputation appears significant.
Market response to the delisting was swift. The MOVE token plunged over 20% on the news, falling to a record low of $0.18 before rebounding slightly to $0.20. Its market capitalization has dropped below the $500 million threshold, a steep decline from earlier this year when MOVE traded near its all-time high of $0.70.
The fallout contrasts sharply with the broader crypto market trend, as Bitcoin surged to a 70-day high above $97,000. The MOVE token’s nosedive underscores how governance lapses and transparency issues can dramatically undercut investor confidence, even in a bullish market.
With trading set to end in under two weeks, all eyes now turn to the results of the ongoing investigation and whether Movement Labs can restore credibility—or if MOVE will become a cautionary tale of crypto governance gone wrong.
