Overview
- Movement Labs has suspended co-founder Rushi Manche, citing ongoing governance investigations and recent events involving a token-dumping scandal.
- Coinbase has placed the MOVE token in limit-only mode and plans to fully suspend trading by May 15, 2025, after a review of its listing standards.
- The MOVE token's value has dropped approximately 20% following Coinbase's announcement and Binance's earlier ban of market maker Web3Port.
- Movement Labs is conducting a third-party review, led by Groom Lake, to investigate governance failures and the role of Web3Port in dumping over 5% of MOVE's supply.
- Binance previously banned Web3Port after $38 million worth of MOVE tokens tied to the market maker were liquidated, triggering significant price declines.