Coinbase Suspends Trading of Movement’s MOVE Token Amid Concerns
Coinbase will suspend trading of Movement's MOVE token due to "recent reviews" linked to a CoinDesk investigation into market-making practices that may have led to price manipulation.
- The MOVE token dropped over 13% following the suspension announcement.
- The CoinDesk 20 Index increased by 4.4% during the same period.
- Movement Labs is investigating how a market maker gained access to a large number of its tokens, which were sold to retail investors, affecting the token's price.
- Web3Port is named in contracts related to these transactions.
- Coinbase's trading suspension will take effect on May 15 at 2:00 p.m. Pacific Time (21:00 UTC).
- Order books for MOVE tokens are now in "limit-only mode," allowing trades only at specified prices.