Hassan Maishera
TL;DR
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MOVE has slumped 21% over the last 24 hours following Coinbase's suspension of trading.
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Movement Labs also suspended co-founder Rushi Manche following the market-making scandal.
MOVE Token Dips Amid Internal Controversy
MOVE, the native token of the Movement ecosystem, was one of the worst performers on Thursday. The token has lost 21% of its value in the last 24 hours following an internal scandal.
It is currently trading at $0.1962 and could dip lower in the coming hours or days. The dip comes after cryptocurrency exchange Coinbase announced that it will suspend MOVE trading on its platform, starting from May 15.
CoinDesk previously carried out an investigation into market-making deals that experts said incentivized price manipulation. Movement Labs, the team behind the MOVE token, is currently investigating how a market maker may have gained access to a significant number of its tokens, which were then dumped on retail investors, causing its price to tank.
Movement Labs has also suspended its co-founder, Rushi Manche, due to the market-making scandal.
"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," the team added.
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 (@movementlabsxyz) May 2, 2025
The Movement Network's mainnet beta and native token went live in December 2024. However, a market maker allegedly sold off 66 million MOVE tokens, ultimately netting 38 million USDT in profit.
Cryptocurrency exchange Binance later banned the market maker, Web3Port, after $38 million in MOVE tokens in wallets tied to Web3Port were liquidated following MOVE's exchange debut.
Coinbase added that it has already switched its order books to "limit-only mode" for MOVE tokens. This implies that MOVE trades will only be executed at certain prices, rather than a token's spot price.
