Token Move falls more than 16% after commercial suspension announcement of Coinbase

Although the Exchange did not offer details in relation to the reasons, the announcement comes to place in the middle of the controversy for alleged market manipulation, privileged access and considerable sales of Token Move In markets.

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• The suspension will be effective as of May 15.
• Move More than 16% fell in the last 24 hours after the announcement; Coinbase He did not offer concrete details.
• Bonds are investigated with Web3port, indicated by alleged mass liquidation.

The International Exchange with headquarters in the US Coinbase, announced today that it will suspend the token trade Move, of the project Movement Network, As of May 15, which resulted in a remarkable drop in the price of digital currency.

The measure was disclosed in the official account of Coinbase Assets In X, where it was also indicated that Cryptocurrency is already in “Mode only limit”allowing only to place or cancel orders under this modality of commerce.

The company did not publicly explain the specific reasons for the suspension, but reaffirmed its continuous surveillance policy on the assets listed on its platform. “We regularly supervise the assets in our Exchange to ensure that they meet our listing standards,” indicated in the publication.

The fall of the token in the midst of irregularities

After the announcement of Coinbase, the price of the token Move Approximately 16.5 % collapsed in the last 24 hours. Market reaction reflects the growing uncertainty around the project Movement Networkwhich had already faced questions weeks ago.

In April, Movement Labs —The company behind Move— He faced accusations related to irregularities in agreements with his market creator. The controversy included the temporary departure of one of its co -founders, as well as reports revealing that certain entities would have obtained preferential access to large amounts of Token.

An investigation of COINDESK Luz shed on the participation of the market creation firm Web3port and his alleged link with another entity called RENTECH. According to contracts obtained by the environment, the latter would have been able to access more than 5 % of tokens Move These contracts granted the power to liquidate all their assets under certain conditions, which could have encouraged price manipulations.

MOvement Labs You have confirmed that you investigate how RENTECH, that the firm believed that it was a subsidiary of Web3port, He obtained these assets. This possible concentration of tokens in the hands of a specific entity, added to the subsequent mass sale of them, coincides with the value of value of Move In the retail market.

Not only Coinbase He has taken measures. Binance, Another of the recognized exchanges on the market, vetoed Web3port After detecting approximately USD $ 38 million in tokens Move Associated with said entity, just after the debut of the Token on its platform.

Although the exchange did not offer a formal advert to Coinbase, various sources point out that Binance eliminated from his listings any operational relationship with Web3port In response to the movements detected in the network Blockchain.

Move falls into markets

Movement Network He launched his main network in Beta along with the native token Move In December 2024. Since then, the project has tried to position itself as an innovative infrastructure for web3 developers. However, recent controversies have questioned their viability and transparency.

The future of Move Now it seems uncertain. Although the suspension in Coinbase does not imply a definitive exclusion, Reputational damage and regulatory pressure could have greater consequences. The market, on the other hand, reacted with a 16.5 % drop after the announcement, quoting the token at USD $ 0.2 per unit at the time of editing.

Movement Labs He has not yet offered a full official statement regarding the suspension, but has reiterated that he continues to evaluate his relations with market creators and reinforce internal controls.

Written article with the help of an AI content editor, edited by Angel Di Matteo / Diariobitcoin

Original image of Diariobitcoin, created with artificial intelligence, for free use, licensed under public domain.

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