Share this article
Movement Token Slumps 14% as Coinbase Suspends Trading
Movement's MOVE token is now in "limit-only mode" on the trading platform.
Updated May 1, 2025, 6:13 p.m. Published May 1, 2025, 4:56 p.m.
What to know:
- Coinbase said it would suspend trading of Movement's MOVE token on May 15, citing "recent reviews."
- The move comes days after CoinDesk reported on Movement's internal investigation into market-making deals that experts say incentivized price manipulation of the token.
Coinbase will suspend trading of Movement's MOVE token, citing "recent reviews," following a CoinDesk investigation into market-making deals that experts said incentivized price manipulation.
The token fell more than 13% on the trading suspension news, while the broader market gauge CoinDesk 20 Index rose 4.4%.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
Movement Labs is currently investigating how a market maker may have gained access to a significant number of its tokens, which were then dumped on retail investors, causing its price to tank. The market maker, Web3Port, appears in contracts previously reported by CoinDesk.
According to the CoinDesk report, Movement Labs co-founder Cooper Scanlon told employees last month that the firm was investigating how Rentech, which Movement believed was a subsidiary of Web3Port, got a hold of over 5% of Web3Port's MOVE tokens.
According to contracts obtained by CoinDesk, Rentech had the ability to liquidate all of its tokens under certain circumstances, which experts said could have created an incentive for the firm to increase the token's value.
Crypto exchange Binance later banned Web3Port, the market-maker, after $38 million in MOVE tokens in wallets tied to Web3Port were liquidated following MOVE's exchange debut.
Coinbase did not share many details about the trading suspension, just announcing that it would do so on May 15 by 2:00 p.m. Pacific Time (21:00 UTC).
Loading...
Coinbase said it has already switched its order books to "limit-only mode" for MOVE tokens, meaning trades will only be executed at certain prices, rather than a token's spot price.
Read more: Inside Movement’s Token-Dump Scandal: Secret Contracts, Shadow Advisers and Hidden Middlemen
UPDATE (May 1, 2025, 17:18 UTC): Adds additional context.
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
XRP Underperforms Market as Sudden Bitcoin Surge Ends Up in $387M Liquidations
XRP's technical outlook remains uncertain, with support at $2.05 and resistance at $2.17, as traders watch for volume expansion
What to know:
- XRP posts gains but underperforms compared to the broader digital asset surge, with below-average trading volume raising questions about the move's strength.
- Bitcoin's rise above $94,000 triggered a broad market rebound, leading to significant liquidations and reshuffling of positions.
- XRP's technical outlook remains uncertain, with support at $2.05 and resistance at $2.17, as traders watch for volume expansion to confirm momentum alignment.
Top Stories
