Coinbase to Delist MOVE Token Amid Ongoing Investigation
The decision comes after the token failed to meet the exchanges internal standards. Trading activity for MOVE has already been restricted to limit-only mode across Coinbase platforms.
The delisting adds further pressure to a token thats already reeling. MOVE dropped nearly 15% in the past day and has been in decline since early January, now sitting at roughly $0.20.
The price collapse can be traced back to a controversial deal involving Movement Labs and market-making firm Web3Port, allegedly facilitated by a third party that had ties to both sides of the agreement.
According to recent reports, a company called Rentech secured control of 66 million MOVE tokens during the token launch in December 2024only to offload them shortly after, triggering around $38 million in selling pressure. An independent investigation into the deal, led by security firm Groom Lake, is currently underway on behalf of the Movement Network Foundation.
Though Coinbase has not directly linked the suspension to the investigation, the timing has drawn attention. The Foundation confirmed the probe began on April 21, just days before the delisting announcement.
The post Coinbase to Delist MOVE Token Amid Ongoing Investigation appeared first on Coindoo.
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Text source: Coindoo
