Coinbase has introduced it’ll delist MOVE amid a $38M token dump controversy.
MOVE value has hit a file low, down 84% from the December 2024 peak.
Movevent Labs co-founder Rushi Manche has been suspended amid a governance and audit probe.
The MOVE token of the Ethereum-based Motion Community has tumbled to unprecedented depths following Coinbase’s announcement of its imminent delisting on Might 15, 2025.
We frequently monitor the belongings on our alternate to make sure they meet our itemizing requirements. Based mostly on current evaluations, we are going to droop buying and selling for Motion (MOVE) on Might 15, 2025, on or round 2 PM ET.
— Coinbase Property 🛡️ (@CoinbaseAssets) Might 1, 2025
Within the wake of allegations concerning a $38 million token dump and questionable market-making preparations, the alternate has positioned MOVE in limit-only mode earlier than deciding it now not met its itemizing standards.
The market-making scandal
Coinbase’s determination to droop all new trades got here after inner paperwork revealed that Motion Labs had signed a market-making settlement granting undue affect to a third-party intermediary.
The settlement, tying Web3Port and an obscure agency named Rentech, allegedly offered Rentech with the precise to dump important portions of MOVE as soon as the token’s absolutely diluted valuation hit $5 billion.
Shortly after MOVE made its alternate debut, Rentech executed a speedy sell-off that triggered a precipitous value collapse, eroding investor confidence inside hours.
Motion Labs responded by establishing a $38 million reserve fund to repurchase the offloaded tokens, however critics have identified that no tangible buyback actions have materialised so far.
Binance additional escalated the disaster by freezing funds linked to the identical market maker, compounding issues in regards to the challenge’s governance and transparency.
Investigation Findings on Workers Misconduct in Buying and selling
Pricey Binance Customers and Group Members,
On March 23, 2025, Binance’s Inside Audit staff obtained a criticism alleging that one in every of our workers members engaged in front-running trades utilizing insider data to achieve… pic.twitter.com/SVVvu4rX1x
— Binance Pockets (@BinanceWallet) March 25, 2025
Amid these developments, Motion Labs suspended co-founder Rushi Manche on Might 2 whereas an impartial evaluation led by intelligence agency Groom Lake stays ongoing.
We affirm that Rushi Manche has been suspended from Motion Labs. This determination was made in mild of ongoing occasions and because the third-party evaluation continues to be being carried out by Groom Lake concerning organizational governance and up to date incidents involving a market maker.
— Motion (@movementlabsxyz) Might 2, 2025
Manche has publicly distanced himself from the token dump, claiming dangerous actors manipulated agreements behind the scenes and rejecting any private involvement in off-market gross sales.
Regardless of these assurances, the sudden management upheaval solely deepened the aura of uncertainty surrounding MOVE’s strategic route and governance reforms.
MOVE token hit arduous
Following Coinbase’s Might 1 limit-only discover and the formal delisting announcement, MOVE’s value plunged by over 20% to an all-time low close to $0.18, earlier than rebounding to $0.1985 at press time
Supply: CoinMarketCap
The token is buying and selling greater than 86% beneath its December 2024 peak of $1.45, illustrating how project-specific turmoil can eclipse broader market rallies.
At press time, MOVE’s market capitalisation stood at roughly $496.27 million, with a staggering 398.04% spike in 24-hour buying and selling quantity and a volume-to-market-cap ratio exceeding 116.66%.
The token’s circulating provide of two.5 billion MOVE and a complete cap of 10 billion have drawn consideration to potential sell-pressure vulnerabilities amid skinny liquidity.
Technical indicators supply little respite, as each the Relative Energy Index (RSI) and the Shifting Common Convergence Divergence (MACD) proceed their descent with out signalling any bullish divergence or imminent reversal.
In Elliott wave phrases, MOVE seems to be within the prolonged fifth wave of its downward cycle, suggesting additional draw back could possibly be reached if the 1.61 extension goal of $0.136 is met.
Group sentiment has soured markedly, with Telegram discussions oscillating between aid at avoiding additional losses and outright accusations of yet one more crypto rip-off.
A Motion Community Basis spokesman emphasised that the suspension was not everlasting and that talks with Coinbase are ongoing, aiming to revive buying and selling if requirements are met.
Nonetheless, the delay of the promised MoveDrop airdrop and the absence of a concrete timeline for the strategic reserve’s deployment have left many token holders sceptical.
With holders numbering roughly 33,850 and the absolutely diluted valuation nonetheless hovering close to $1.98 billion, stakeholders face a steep uphill battle to regain belief.
As Motion Labs navigates governance audits, buyback pledges, and potential reinstatement on main exchanges, MOVE’s future hinges on clear accountability and tangible remediation.
Solely by addressing the structural flaws uncovered by the market-making scandal and delivering on restoration commitments can Motion hope to salvage its token’s credibility and worth.
