Coinbase to Delist MOVE Token Amid Ongoing Investigation
Altcoins 3 May 2025 | 02:01 Coinbase is pulling the plug on trading for the MOVE token, the native asset of Movement Network, with the suspension set to take effect on May 15.The decision comes after the token failed to meet the exchange’s 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 that’s 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 2024—only 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. Author Kosta Gushterov Reporter at Coindoo Kosta has been a part of the team since 2021 and has solidified his position with a thirst for knowledge, incredible dedication to his work and a "detective-like" mindset. He not only covers a wide range of trending topics, he also creates reviews, PR articles and educational content. His work has also been referenced by other news outlets.