Crypto change Coinbase has introduced it can suspend trading of the Motion Community token (MOVE), the native cryptocurrency of the Motion layer-2 blockchain protocol, developed by Motion Labs, efficient Could 15.
The choice was shared in a Could 1 X post, with Coinbase citing the token’s failure to meet its itemizing requirements. The worth of the MOVE token additionally declined by roughly 14.5% within the final 24 hours. Coinbase specified the main points of the suspension in an announcement:
“Trading for MOVE will probably be suspended on Coinbase, Easy and Superior Commerce, Coinbase Change, and Coinbase Prime. Now we have moved our MOVE order books to limit-only mode. Restrict orders will be positioned and canceled, and matches could happen.”
The suspension of the token follows a not too long ago introduced third-party evaluate orchestrated by the Motion Community Basis into an settlement allegedly signed by Motion Labs and a market-making agency, which is claimed to be behind the downfall of the MOVE token worth in December 2024.
A Motion Community Basis spokesperson not too long ago confirmed to Cointelegraph that the third-party investigation, which commenced on April 21, is ongoing. The investigation is being carried out by Groom Lake, an impartial cybersecurity and intelligence agency, and has forged a cloud over the MOVE token’s worth.
Associated: Binance to purge 14 tokens following ‘vote to delist’ process
Investigation launched into Motion Labs deal
The small print of the continuing investigation, reported by CoinDesk on April 30, revealed an settlement between Motion Labs and Web3Port, a market maker to assist distribute the Transfer token at launch.
In accordance to the report, an organization known as “Rentech” helped to dealer the settlement between the 2 corporations, showing on either side of the deal — as a Web3Port subsidiary and as an agent of the Motion Basis.
The deal reportedly gave Rentech management of over 66 million MOVE tokens that it bought off after the token launch in early December 2024, triggering $38 million in downward worth strain.
The MOVE token has been in a downtrend ever since early January 2025 and is trading at round $0.20 on the time of this writing.
Journal: Arbitrum co-founder skeptical of move to based and native rollups: Steven Goldfeder
Cointelegraph by Vince Quill Coinbase to suspend trading of MOVE token cointelegraph.com 2025-05-01 16:53:38
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