- Coinbase has announced it will delist MOVE amid a $38 million token-dump controversy.
- MOVE’s price has plunged to a record low, down 84% from its December 2024 peak.
- Movement Labs founder Rushi Manche has been suspended while governance and audit reviews continue.
The Ethereum-based Movement Network’s MOVE token collapsed to unprecedented lows after Coinbase announced it would suspend trading and remove MOVE from its listings effective May 15, 2025.
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 🛡️ (@CoinbaseAssets) May 1, 2025
Following allegations of a $38 million token dump and questionable market making arrangements, Coinbase first restricted MOVEs to limit-only trading and then concluded the token no longer met its listing criteria.
Market-making scandal
Coinbase’s move to suspend new orders followed the emergence of internal documents indicating Movement Labs had executed a market-making agreement granting outsized control to a third-party broker.
The agreement, reportedly involving Web3Port and an entity named Rentech, allegedly allowed Rentech to sell substantial amounts of MOVE once the token’s fully diluted valuation reached $5 billion.
Shortly after MOVE’s exchange listing, Rentech executed rapid sales that triggered a sharp price collapse, eroding investor confidence within hours.
Movement Labs said it established a $38 million reserve to repurchase dumped tokens, but critics note there has been no verifiable evidence of meaningful buybacks so far.
Binance intensified scrutiny by freezing assets tied to the same market maker, increasing concerns over governance and transparency within the project.
Investigation Findings on Staff Misconduct in Trading
Dear Binance Users and Community Members,
On March 23, 2025, Binance’s Internal Audit team received a complaint alleging that one of our staff members engaged in front-running trades using insider information to gain… pic.twitter.com/SVVvu4rX1x
— Binance Wallet (@BinanceWallet) March 25, 2025
Amid these developments, Movement Labs suspended founder Rushi Manche on May 2, while an independent review led by intelligence firm Groom Lake examines governance and the recent market maker events.
We confirm that Rushi Manche has been suspended from Movement Labs. This decision was made in light of ongoing events and as the third-party review is still being conducted by Groom Lake regarding organizational governance and recent incidents involving a market maker.
— Movement (@movementlabsxyz) May 2, 2025
Manche has publicly denied involvement in the token dump, asserting that bad actors manipulated contracts behind the scenes and denying personal participation in off-market sales. Despite these denials, the abrupt leadership disruption deepened uncertainty about MOVE’s strategic direction and governance reforms.
MOVE token takes a hit
After Coinbase’s May 1 announcement and the subsequent delisting notice, MOVE plunged more than 20% to an all-time low near $0.18 before recovering slightly to $0.1985 at the time of reporting.
Source: CoinMarketCap
The token now trades over 86% below its December 2024 high of $1.45, underscoring how project-specific turmoil can overshadow broader market rallies.
At the time of writing, MOVE’s market capitalization stood around $496.27 million, accompanied by a dramatic 398.04% spike in 24-hour trading volume and a volume-to-market-cap ratio exceeding 116.66%.
Circulating supply totals about 2.5 billion MOVE, with a maximum supply of 10 billion, raising concerns about sell-pressure vulnerability amid thin liquidity.
Technical indicators offer little comfort: both the relative strength index (RSI) and the moving average convergence divergence (MACD) continue downward with no clear bullish divergence or immediate reversal signals.
From an Elliott Wave perspective, MOVE appears to be in an extended fifth wave of its down cycle, suggesting further downside is possible if the projected 0.136–1.61 extension targets play out.
Community sentiment has deteriorated markedly, and discussions on Telegram range from cautious relief to outright accusations that the project represents yet another crypto scam.
A Movement Network Foundation spokesperson emphasized the suspension is not necessarily permanent and said talks with Coinbase are ongoing to restore trading if listing standards are met.
However, the delayed MoveDrop airdrop and the lack of a concrete timetable for deploying the strategic reserve have left many token holders skeptical.
There are roughly 33,850 holders, and the token’s fully diluted valuation remains near $1.98 billion, meaning stakeholders face a steep uphill battle to rebuild trust.
As Movement Labs navigates governance reviews, buyback commitments, and possible relisting on major exchanges, MOVE’s recovery will hinge on transparent accountability and demonstrable remediation.
Only by addressing the structural flaws exposed by the market-making scandal and fulfilling recovery pledges can Movement hope to restore the token’s credibility and value.