![](\"https://cryptoslate.com/wp-content/uploads/2025/05/move-coinbase.jpg\")
The native token of the Ethereum-based Movement Network, MOVE, experienced a significant drop to a new low after Coinbase announced its delisting due to concerns about market-making activities.
On May 1, the US crypto exchange revealed that MOVE trading would be suspended on its platforms by May 15, citing failure to meet listing standards. Coinbase also announced that MOVE order books would be placed in limit-only mode before the suspension, allowing users to set or cancel orders without executing new trades.
Following Coinbase’s announcement, MOVE’s price plummeted by 23% to a record low of $0.18, marking a total loss of over 50% in the past month and placing the token nearly 84% below its previous high of $1.21 in December 2024.
Internal Issues at Movement Network
In addition to the delisting, Movement Labs suspended co-founder Rushi Manche on May 2 amidst an investigation into suspicious market-making activities that led to a significant token dump. The firm stated that the decision was made in response to unfolding events and confirmed that internal investigations are ongoing.
The investigation was initiated following Binance’s decision to freeze funds linked to an unnamed market maker who sold a large amount of MOVE tokens in December. To regain trust, the Movement Network Foundation terminated its relationship with the market maker and initiated a $38 million buyback program to establish the Movement Strategic Reserve.
Although Binance did not disclose the identity of the market maker, a recent CoinDesk report identified Web3Port as the culprit behind the token distribution. The report also revealed the involvement of Rentech, a firm that facilitated the sale of 66 million MOVE tokens in December 2024, contributing to the price decline.
In response to the crisis, Movement Labs engaged Web3 intelligence firm Groom Lake to conduct a third-party review and implement new governance measures based on the audit findings.
Rushi Manche’s Perspective
Amid the controversy, suspended co-founder Rushi Manche shared his disappointment with the current state of the Movement Network. In a statement, he expressed regret over the deviations from his original vision for the project.
“Movement has deviated far from the dream I had and it hurts me to see it like this.”
Manche clarified that decisions involving market makers were approved by the foundation’s leadership, but bad actors manipulated the process for personal gain. He acknowledged mistakes and attributed them to shadow actors influencing key decisions.
He admitted:
“We trusted wrong advisors, MMs, and individuals during a bear market. I personally trusted opportunistic administrators who acted as shadow decision makers with financial motives.”
Manche emphasized that he never engaged in selling or over-the-counter trading of MOVE tokens, stating that all funds were raised through venture rounds to support the growth of the Movement Network.
