Token Move movement falls 14% in the news of the Coinbase trade suspension

Coinbase will suspend the movement of the movement of movement, citing “recent reviews”, after a Coindesk investigation into market manufacturing agreements that experts said that experts said an incentive price manipulation.

The Token fell more than 13% in the news of the negotiation suspension, while the broader market caliber index Coindesk 20 increased 4.4%.

Movement Labs is currently investigating how a market manufacturer may have obtained access to a significant number of its tokens, which were then thrown into retail investors, which caused its price to the tank. The market manufacturer, web3port, appears in contracts previously reported by COINDESK.

According to Coindesk’s report, the co -founder of Movement Labs, Cooper Scanlon, told employees last month that the company was investigating how Rentech, what movement believed it was a subsidiary of Web3port, obtained more than 5% of the web3port movement tokens.

According to the contracts obtained by Coinndesk, Rentech had the ability to liquidate all his tokens under certain circumstances, which experts said he could have created an incentive for the company to increase the value of the Token.

Crypto Exchange Binance later prohibited Web3port, the market manufacturer, after $ 38 million in movement tokens in wallets linked to web3port, were settled after Move’s Exchange debut.

Coinbase did not share many details about the commercial suspension, just announcing that it would do so on May 15 at 2:00 pm Time Pacific (21:00 UTC).

Coinbase said that he has already changed his orders books by “limit mode” for movement tokens, which means that operations will only be executed at certain prices, instead of the spot price of a token.

Read more: Inside Movement’s Token-Dump Scandal: Secret Contracts, Shadow Advisers and Hidden Middlemen

Update (May 1, 2025, 17:18 UTC): Add additional context.