Coinbase Delists MOVE Token Amid Controversy

On May 15, Coinbase has announced That it would delete the relocation -and explains that it no longer meets the listing standards of the Exchange. While coinbase coinbase – support@coinbase.com WalletCentralized exchange has not explicitly accused movement laboratories of misconduct, the timing follows a controversial tokendump of $ 38 million with a now terminated market maker.

Why does Coinbase scrap $ move token?

The relocation Token initially received a grip with considerable financing, important exchange lists and considerable hype. However, the reputation of the project was seriously dented when internal documents suggested in movement laboratories. Allegedly, Rentech, a company bound to both movement laboratories and the disputed market maker, had inappropriate influence on the market behavior of the token. A leaked chat and subsequent market manipulation These defects are uncovered.

The USDT sale of $ 38 million led to a competitive decrease in the price of Move, so that the attention of the Movement Network Foundation, which has since started an independent investigation. To mitigate the consequences, a reserve fund was set up to reduce the dumped tokens.

Move Token Supplement

In response to these revelations, Coinbase acted quickly, moving in limit mode before formally announcing the removal. This decision has fed SCEPSIS around the governance practices of the project, which raises questions about the transparency of his token economy and the duty of accountability of its managers.

Binance also responded by prohibiting Web3port, and although movement laboratories promised to reduce the dumped tokens, it still had to comply with this obligation. The promised AirDrop is also delayed, which contributes to the growing dissatisfaction among the community.

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Move the price effect

The price of movement suffered an immediate hit and fell by more than 20% to $ 0.18 after the announcement. Although the price somewhat stabilized at $ 0.20, market capitalization fell below $ 500 million for the first time, as a result of the concern about investors. At its peak, Move had reached $ 0.70, but it has now fallen with a stunning 73% compared to his all time.

Despite the rally from Bitcoin to a 70-day high point, the sharp decline of Move emphasizes how project-specific issues outweigh wider market trends. The steepest one -day drop since the launch of the token in December indicates that distrust will be deepened in its future.

The reaction within the Telegram canal of the movement Has been one of disbelief. While some users expressed gratitude for avoiding token, others criticized it as a different scam. A community manager clarified that the promotion was a “suspension” and not a permanent deletion, who insure users who talk to Coinbase were going on. Trust in the management of the project, however, remains shaky, with a lot of uncertain about the viability of Move in the long term.