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Coinbase to delist Movement’s MOVE token amid market-making controversy
In a sudden move, cryptocurrency exchange Coinbase announced it will suspend trading of Movement’s MOVE token by May 15. The decision comes as the project faces intense scrutiny following allegations of market manipulation.
The exchange stated that the suspension followed a routine listing standards review, which determined that MOVE no longer met its requirements. However, industry insiders speculate that the move is directly linked to the controversy surrounding Movement’s market-making agreements.
It has been widely reported that Binance identified and froze the profits of a market maker allegedly liquidating large quantities of MOVE tokens. As a result, the Movement Network Foundation severed ties with the market maker and launched a $38 million USDT buyback program to establish the Movement Strategic Reserve.
In a shocking turn of events, a recent report from CoinDesk revealed that Movement Labs was misled into signing a market-making agreement with Rentech, which granted it control over 66 million MOVE tokens. This deal allegedly enabled a massive selloff worth $38 million, resulting in sharp price drops and accusations of manipulation.
The controversy also exposed internal divisions within the organization as its legal counsel initially objected to the deal but was eventually overruled.
Movement is currently investigating whether co-founder Rushi Manche or advisors like Sam Thapaliya played a deeper role than originally disclosed.
Source: https://cryptobriefing.com/move-trading-halt-amid-controversy/
