Coinbase Drops MOVE Token Following Sell-Off Scandal
The post Coinbase Drops MOVE Token Following Sell-Off Scandal appeared on BitcoinEthereumNews.com.
The investigation is led by cybersecurity firm Groom Lake, and it centers on a controversial agreement involving Movement Labs, Web3Port, and Rentech, which allegedly dumped over 66 million MOVE tokens. Meanwhile, the DeFi platform Sky, formerly known as Maker, is finalizing its transition by replacing the MKR token with SKY and introducing staking rewards tied to its stablecoin, USDS. The switch includes penalties for delayed upgrades and aims to streamline liquidity across exchanges. While some tokens are being delisted or replaced, others are gaining traction. MGX, an Abu Dhabi-based investment firm, confirmed it will use USD1—a stablecoin linked to Donald Trump’s family—to settle a $2 billion investment in Binance. Coinbase to Suspend MOVE Token Trading Coinbase announced that it will suspend trading of the MOVE token, the native cryptocurrency of the Movement Network, effective May 15. The decision was revealed in a May 1 post on X, with Coinbase explaining that the token no longer meets its listing standards. As part of the delisting process, the MOVE token’s order books have been placed in limit-only mode across all Coinbase platforms, including Simple and Advanced Trade, Coinbase Exchange, and Coinbase Prime. The announcement was made after a sharp 14.5% decline in MOVE’s price in just 24 hours, which deepened concerns surrounding the token’s recent market behavior. The backdrop to this suspension involves an ongoing third-party investigation into a controversial agreement between Movement Labs and Web3Port, a market-making firm that was involved in the initial distribution of the MOVE token. This investigation was launched by the Movement Network Foundation on April 21, and is being led by Groom Lake, an independent cybersecurity and intelligence firm. According to details that were shared by CoinDesk, the deal was brokered by a company named Rentech, which allegedly held a dual role in the agreement — acting…
Filed under: News - @ May 2, 2025 9:25 am