- Coinbase announced that it would refuse to move in the $ 38 million token dump debate.
- Mobile prices fell 84% from December 2024.
- Rushi Manche, co -founder of Movevent Labs, has been suspended with governance and gratitude probe.
The mobile token of Etherum -based exercise network fell to an unprecedented depth after the public listing was announced on May 15, 2025.
We regularly monitor the assets of the exchange to meet the list standards. Based on the recent review, we will stop moving around May 15, 2025 and around 2 pm.
-Coin Base Asset 🛡️ (@coinbaseassets) May 1, 2025
Due to allegations of $ 38 million token dump and suspicious market production contracts, the exchange moved to the limit -only mode before no longer meets the listing criteria.
Market production scandal
Coinbase’s decision to stop all new deals in Coinbase said that Movement Labs has signed an excessive influence on third -party brokers, according to an internal document.
The contract, which combines the ambiguous company of Web3Port and Rentech, provided Rentech a significant amount of movement if the token’s fully diluted evaluation recorded $ 5 billion.
Immediately after MOVE debuted, Rentech executed a rapid sale, causing a sharp collapse of prices, eroding investor trust in a few hours.
Movement Labs responded by establishing a $ 38 million preliminary fund to repurchase off -road tokens, but critics pointed out that real repurchase measures have not been realized so far.
Binance further expanded the crisis by freezing the project’s governance and transparency by freezing funds related to the same market manufacturer.
Results of investigation of employee illegal acts in transactions
Dear binance users and community members,
On March 23, 2025, Binance’s internal audit team participated in the turning trading using internal rich information. pic.twitter.com/svVVU4RX1X
-Binance wallet (@binanceWallet) March 25, 2025
Among these developments, Movement Labs suspended co -founder Rushi Manche on May 2, and independent reviews led by information firm Groom Lake continued.
We confirm that Rushi Manche has been suspended in Movement Labs. This decision was made because Groom Lake is conducting a third party review for recent events related to organizational governance and market manufacturers in light of the ongoing events.
-Exportation (@movementLabsxyz) May 2, 2025
Manche was openly far from the token dump, and bad actors insisted that they had manipulated the agreement behind the scenes and rejected personal participation in sales outside the market.
Despite this guarantee, sudden leadership catastrophe deepened the atmosphere of uncertainty over the strategic direction of movement and governance reform.
Put the token
Following Coinbase’s exclusive notice and official listing on May 1, the price of MOVE has plunged more than 20% to $ 0.18 before rebounding at $ 0.1985 for Press Time.
Source: Coinmarketcap
The token trades more than 86% from the maximum $ 1.45 in December 2024, and shows how the project confusion can be a broader market rally.
In the press time, MOVE’s market capitalization amounted to about $ 496.27 million, 398.04%to 398.04%in 24 -hour trading volume, and 116.66%of large companies.
Token’s circulation supply of 2.5 billion won and a total of 10 billion CAPs were thin, so they paid attention to potential sales pressure vulnerabilities.
Technical indicators rarely offer relaxation because the relative strength index (RSI) and the moving average convergence radiating (MACD) continue to descend without informing the optimistic or imminent reversal.
In Elliott Wave term, movement appears to be in the fifth wave of downward cycle, suggesting that if the 1.61 expansion target of $ 0.136 is met, it can reach the additional shortcomings.
The telegram discussion between the slogan of avoiding more losses and another encryption fraud has been significantly performed by community feelings.
Movement Network Foundation spokesman emphasized that it was not permanent, and conversations with Coinbase are in progress, and when standards are met, they are going to restore transactions.
However, many token holders have been skeptical because there is no specific timeline for the delay of the promised MIverop AirDrop and the placement of Strategic Reserve.
The number of the holders is about 33,850, and when the completely diluted evaluation is still $ 19.8 billion, stakeholders have recovered their trust by facing steep uphill roads.
As Movement Labs explores governance audits, repurchase pledges and potential reinstatement for major exchanges, the future hinges for transparent responsibility and practical treatment are moved.
By solving the structural defects exposed by the market scandal and delivering a recovery promise, exercise is hoped to save the reliability and value of tokens.