Key Takeaways:
- Coinbase will delist the MOVE token on May 15, 2025, due to noncompliance with its listing standards.
- MOVE has dropped 14.5% in 24 hours amid governance concerns and an ongoing third-party investigation.
- The probe focuses on a controversial deal that led to the December 2024 crash, involving 66M tokens sold for $38M.
Coinbase will delist the MOVE token, native to the Movement Network, on May 15, 2025, citing noncompliance with its listing standards.
The decision affects all Coinbase platforms, including Simple and Advanced Trade, Coinbase Exchange, and Coinbase Prime.
Trading for MOVE will be suspended on https://t.co/Zkd27RUMRo (Simple and Advanced Trade), Coinbase Exchange, and Coinbase Prime.
— Coinbase Assets 🛡️ (@CoinbaseAssets) May 1, 2025
We have moved our MOVE order books to limit-only mode. Limit orders can be placed and canceled, and matches may occur.
Until the suspension takes effect, MOVE trading is in limit-only mode.
The delisting follows a 14.5% drop in MOVE’s price, driven by concerns over governance and token distribution.
A third-party investigation is underway, launched by the Movement Network Foundation on April 21 and conducted by cybersecurity firm Groom Lake.
The probe centers on a controversial deal allegedly involving Movement Labs, market maker Web3Port, and a firm named Rentech.
Rentech is accused of facilitating a dual-sided agreement that granted access to 66 million MOVE tokens, which were later sold for approximately $38 million, fueling the December 2024 price crash.
The ongoing investigation and Coinbase’s trading halt have cast significant doubt on the future of the MOVE token.
About The Author
Efe Bravo, a seasoned journalist, delivers compelling insights into the cryptocurrency and blockchain industry.
His articles offer a deep dive into the latest trends, projects, and technological advancements shaping the future of digital finance.
Check Efe out on:
