Coinbase suspends trading for MOVE on May 15, causing its stock price to plummet by 20%
Coinbase Shuts Down Movement Token Amid Allegations and Controversy
Get ready, crypto enthusiasts! Coinbase just announced they're suspending trading for the Movement token as of May 15, 2025, at 2:00 p.m. ET. This move comes amid a flurry of suspicions surrounding the token's market activities and governance.
Before you start panicking, let me clarify that users can still place or cancel limit orders on MOVE. However, trade at market price has been disabled - so don't expect those quick buys or sells!
Following Coinbase's announcement, MOVE's price dropped around 20%, plummeting from $0.25 to $0.20. Ouch!
The Purple Elephant in the Room – The Aztec Network and MOVE's Controversy
The controversy surrounds some shady dealings involving a market maker called Web3Port, a China-based firm that reportedly received over 5% of MOVE's total token supply. This arrangement allowed them to offload MOVE tokens if the project's value reached $5 billion, a threshold that was apparently hit on December 9, 2023, the day MOVE launched on Binance.
On that very day, Web3Port liquidated a massive 66 million MOVE tokens, raking in $38 million in sales and causing the price to plummet. Fast forward to now, those same tokens are only worth about $15.7 million. Talk about a rollercoaster!
According to internal documents obtained by CoinDesk, this arrangement allowed profits from such sales to be split 50/50 between Rentech and the Movement Foundation.
Ties to Trump and Market Manipulation
The Movement Foundation and Web3Port both have ties to World Liberty Financial Inc. (WLFI), a crypto venture with connections to the Trump family. In January, WLFI purchased 3.42 million MOVE tokens for $1.5 million and also received a $10 million investment from Web3Port.
Although Coinbase hasn't explicitly cited the pump-and-dump allegations in their delisting rationale, they have emphasized their regular monitoring of assets for compliance with listing standards.
This debacle echoes a 2024 lawsuit against Jump Crypto for similar pump-and-dump allegations involving the DIO token. Remember, news like this should make us all question the market and encourage transparency!
- Coinbase has suspended trading for the Movement token, citing allegations and controversy surrounding its market activities and governance.
- The controversy involves a market maker called Web3Port, who reportedly received over 5% of MOVE's total token supply.
- Web3Port allegedly offloaded a massive 66 million MOVE tokens when it hit $5 billion in value, causing the price to plummet.
- Internal documents obtained by CoinDesk suggest that profits from such sales were split 50/50 between Rentech and the Movement Foundation.
- Both the Movement Foundation and Web3Port have ties to World Liberty Financial Inc. (WLFI), a crypto venture with connections to the Trump family.
- WLFI purchased 3.42 million MOVE tokens for $1.5 million and also received a $10 million investment from Web3Port, a move that raises questions about potential market manipulation.
- This situation mirrors a 2024 lawsuit against Jump Crypto for similar pump-and-dump allegations involving the DIO token, underscoring the need for transparency in the crypto market.
