Key Takeaways:

• Coinbase plans to stop trading of Movement’s MOVE token on May 15, referencing recent reviews.
• This action follows a CoinDesk report concerning an internal review by Movement into market-making agreements that might have led to price manipulation.

Update on MOVE Token Trading

Coinbase’s trading suspension comes after a significant drop of over 14% in the MOVE token’s price, contrasting with a 4.4% increase in the broader CoinDesk 20 Index.

Investigation Insights

Movement Labs is probing potential issues regarding how market maker Web3Port accessed a notable amount of MOVE tokens, which were subsequently sold off to retail investors, leading to a significant decline in price. This situation has drawn scrutiny on their previous market-making deals.

According to a CoinDesk investigation, Movement Labs co-founder Cooper Scanlon indicated that the inquiry focuses on Rentech—an entity connected to Web3Port—which allegedly acquired more than 5% of the tokens.

Experts suggest that the structure of associated contracts might have incentivized Rentech to boost the token’s value, raising concerns about market integrity.

Coinbase’s Official Statement

“We regularly monitor the assets on our exchange to ensure they meet our listing standards. Based on recent reviews, we will suspend trading for Movement (MOVE) on May 15, 2025, on or around 2 PM ET.” — Coinbase Assets 🛡️ (Twitter)

For now, Coinbase has shifted trading to limit-only mode, allowing trades to occur only at specified prices.

Further Reading: Inside Movement’s Token-Dump Scandal: Secret Contracts, Shadow Advisers and Hidden Middlemen