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On May 15, Coinbase announced it would be registering Move Token, stating it did not meet Exchange listing criteria. Coinbase inside 
Coinbase – support@coinbase.com walletIntensive exchange 
Because they have not explicitly condemned the movement lab of fraud, the timing follows a massive $38 million token dump that includes the now-end market maker.
Why is Coinbase listed $Move Token?
The move token initially gained traction with a large amount of money, a major exchange list and a considerable amount of hype. However, when internal documents proposed management errors within the movement lab, the project’s reputation was severely depressed. Rentech, a company linked to both Movement Labs and conflicting market makers, reportedly had an undue influence on token market behavior. Leaked chats and subsequent market manipulation exposed these flaws.
The sale of the $38 million USDT has dramatically reduced Move prices, attracting attention from the Movement Network Foundation, and independent investigations have since begun. A reserve fund was established to repurchase dumped tokens to alleviate fallout.
Move token registration
In response to these revelations, Coinbase acted quickly and moved to a restricted-only mode before officially announcing its abolishment. The decision promotes skepticism around project governance practices and raises questions about the transparency of the token economy and executive accountability.
Binance also responded by banning Web3port, with the movement lab pledging to buy back the dumped tokens, but has yet to fulfill this commitment. The promised airdrops are also delayed, leading to growing dissatisfaction among the community.
- Read again:
- Token scandal news moving: Who and market manipulation led to massive price drops
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Move the impact of price
The moving price quickly hit, falling more than 20% after its announcement to $0.18. The price stabilized at just $0.20, but for the first time, reflecting investor concerns, the market capitalization of the move fell below $500 million. At that peak, Move reached $0.70, but now it’s a staggering 73% from an all-time high.
Despite the rally to Bitcoin’s 70-day high, Move’s sharp decline highlights how project-specific issues can outweigh wider market trends. The December token launch shows deepening distrust of the future.
The reaction within the movement’s telegram channel was one of the distrusts. Some expressed their gratitude for avoiding tokens, but others criticized it as another scam. The community manager has made it clear that the action is a “suspension” and will assure users that discussions with Coinbase are ongoing, rather than permanent listing. However, trust in project governance remains unstable, and many are not sure about Move’s long-term viability.
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