MOVE Crashes 22% After Coinbase Delisting, Co-Founder Sidelined
MOVE has been hit by dual shocks—its impending delisting from Coinbase and a governance crisis within the Movement project—leading to a swift 22% drop in value.
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Coinbase has confirmed the delisting of MOVE, with trading scheduled to end on May 15 and the order books restricted to limit-only orders prior to the freeze. Concurrently, the Movement project has placed co-founder Rushi Manche on leave amid an active investigation conducted by Groom Lake.
MOVE Delisting: Coinbase Activates Limit-Only Mode Ahead of Suspension
Coinbase has confirmed it will suspend trading of the MOVE token starting May 15, affecting:
- Coinbase.com,
- Coinbase Exchange,
- Coinbase Prime.
Order books have already transitioned to limit-only status. This restricts trading to placing or canceling limit orders, with market orders now fully disabled.
The exchange said it conducts regular reviews of listed assets to ensure they meet its standards but declined to comment further. Following the announcement, the MOVE token (listed on WhiteBIT) fell more than 22% over the past 24 hours and was trading at approximately $0.195 at the time of writing.Â
Movement Faces Heat Over $38M Token Dump and Market Maker Probe
- Movement Network launched its mainnet on December 9, 2024. Within 24 hours, its market maker allegedly dumped 66 million MOVE tokens, netting $38 million in USDT.
- By March 2025, Binance flagged the firm for questionable activity and confirmed enforcement actions were underway.
- Movement Labs entered into what seemed a strategic alliance with Rentech, under the impression it was backed by Web3Port. It wasn’t. The firm, later revealed to be independent, committed to pushing MOVE’s market cap to $5 billion—before offloading its tokens in a shared-profit exit.
To shore up liquidity following the fallout, Movement Labs created a $38 million USDT reserve—officially titled the Movement Strategic Reserve. Then, on May 2, the project announced that it had suspended co-founder Rushi Manche amid an external probe by Groom Lake.
We confirm that Rushi Manche has been suspended from Movement Labs. This decision was made in light of ongoing events and as the third-party review is still being conducted by Groom Lake regarding organizational governance and recent incidents involving a market maker,
Movement wrote on X.
Read on: Movement Introduces MOVE Tokenomics and Announces TGE
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