Movement Plunges to All-Time Low After Coinbase Says It Will Delist Ethereum L2 Token

Description

MOVE hit an all-time low after Coinbase announced it will suspend trading on May 15. The decision follows a CoinDesk report on a disputed agreement that led to a 66M token sell-off and a $38M profit by market maker Rentech.

Publish date

May 1, 2025

Publisher

Decrypt

Web URL

https://decrypt.co/317365/movement-all-time-low-coinbase-delist

Referenced by

Coinbase will suspend trading for MOVE on May 15

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Following the controversy, the Movement Network Foundation said it would use those funds to facilitate a buyback program

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Binance said the market maker profited $38 million before it was removed from the exchange’s platform last month. The company is banned moving forward, Binance said, adding that its profits had been frozen “for the purpose of compensating users.”

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