Key dishes to remember
- Coinbase suspend the moving of the token on May 15 after an examination of the list.
- The movement project faces controversy after a scandal involving market manipulation.
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Coinbase announced Thursday that it would deactivate the trading of the movement movement of the movement on May 15, while the controversy was deepened around the blockchain project of the high level 2 layer.
The exchange indicated in a declaration on X that it had already moved the books of moving controls in limit mode only.
Coinbase has not explicitly cited the reason for the suspension. However, the company noted that the decision followed a review of routine rating standards, which revealed that the move no longer met Coinbase requirements.
The token dropped by $ 20% to $ 0.18 after the announcement – its lowest point since its launch, according to Binance data. At the time of the press, Move saw a modest rebound at $ 0.20.
The movement blockchain, which launched its main beta and its native token last December, has been faced with a meticulous exam since March, when Binance identified and frozen the profits of a market Large amounts of movement tokens.
In response, the Network Foundation movement has reduced links to the market manufacturer and announced a redemption program of $ 38 million USDT to establish the movement’s strategic reserve.
Movement Labs and the Network movement later confirmed a third survey on the issue, after Binance abolished the market market for fault, Blockworks reported last month.
A new Coindesk report this week sheds light on the controversy. The press release revealed that Movement Labs would have been misleading in the signing of a marketing agreement which gave an intermediary, Rentech, to the control of more than 66 million moving tokens.
The agreement would have enabled a sale of $ 38 million, triggering high price reductions and accusations of manipulation.
Internal documents have shown that Rentech has acted on both sides of the agreement – as an agent of the Foundation movement and a web 3 -port subsidiary – on the concerns of conflicts of interest.
The repercussions also exposed internal divisions, because the legal advisor of the movement initially opposed the agreement but was rejected, according to Coindesk. The movement examines if the co-founder Rushi Manche or advisers like Sam Thapaliya played a deeper role than that initially disclosed.
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