Coinbase announced Thursday that it will suspend the movement of the movement token on May 15 at 2:00 pm et, citing routine assets reviews to ensure that list standards are met.
The exchange saying MOVE (MOVE) Order books have already been changed to the mode of only limit, which means that users can make or cancel limit orders, but market price is disabled.
Move’s price fell approximately 20% after Coinbase’s Announcement, falling from $ 0.25 to $ 0.20.
Move’s controversy
The decision comes In the midst of controversy Around the activity and governance of the Move market. In mid -April, the movement network was examined after co -founder Cooper Scanlon took an absence permit and reports of “abnormalities of the market manufacturer” arose.
These abnormalities are now in the center of an investigation into a possible pump and diver scheme linked to a market manufacturer called Web3port.
Internal documents obtained By Coindesk he revealed that web3port, a company based in China, was assigned more than 5% of the total Move’s supply, which was later supposedly enrutated through a dark entity called Rentonch.
This agreement allowed Rentch Download movement tokens if the completely diluted value of the project exceeded $ 5 billion, an event that, on December 9, the movement of the day was launched in Binance.
On that day, web3port liquidated 66 million movement tokens, generating $ 38 million in sales and causing a strong price decrease. Those same tokens are worth approximately $ 15.7 million. According to reports, contracts divide the profits of such 50/50 sales between Rentech and the Movement Foundation.
The Movement and Web3port foundation both have ties To World Liberty Financial Inc., a cryptographic company backed by members of the Trump family. In January, WLFI bought 3.42 million movement tokens for $ 1.5 million and also received an investment of $ 10 million web3port.
Coinbase has not directly cited the accusations of pumping and diver in its exclusive justification, but reiterated that it regularly monitors assets for compliance with listing standards.
