MOVE Token Plummets 20% After Coinbase Delisting, Rushi Manche Suspended
1min read Movement Labs has announced the suspension of its co-founder, Rushi Manche, following Coinbase's decision to delist the MOVE token from its platform. This move by coinbase comes after placing the MOVE order books in limit-only mode, which restricts users from placing market orders but allows them to place and cancel limit orders. This action is part of Coinbase's regular monitoring process to ensure that all assets on its exchange meet its listing standards.
The delisting of the MOVE token by Coinbase has had a significant impact on its value, with the token's price falling by approximately 20% from $0.25 to $0.20. This price drop is a direct result of the controversy surrounding the MOVE token, which has been under scrutiny since December 2024. During this time, a market maker allegedly dumped 66 million MOVE tokens to gain a $38 million profit in the stablecoin USDT. This incident led to an investigation by the crypto exchange Binance, which subsequently delisted the entity involved due to its misconduct related to the MOVE token.
Following Binance's investigation, the Movement Network Foundation and Movement Labs severed ties with the entity and launched a third-party investigation into the matter. They also established the "Movement Strategic Reserve" of 38 million USDT to restore liquidity in the Movement ecosystem. However, the controversy surrounding the MOVE token continued to escalate, with additional scrutiny being drawn to Movement Labs in January when co-founder Rushi Manche denied allegations of insider trading related to World Liberty Financial's $2 million purchase of MOVE tokens. Manche took a temporary leave of absence in mid-April, and now, following Coinbase's delisting, he has been suspended by Movement Labs.
The suspension of Rushi Manche and the delisting of the MOVE token by Coinbase highlight the ongoing challenges faced by the cryptocurrency industry in maintaining transparency and integrity. The controversy surrounding the MOVE token serves as a reminder of the importance of regulatory oversight and the need for cryptocurrency exchanges to conduct thorough due diligence when listing new assets. As the industry continues to evolve, it is crucial for all stakeholders to work together to ensure that the market remains fair and transparent for all participants.
Ask Aime: How will MOVE's delisting affect the stock market?
