Coinbase Delists MOVE Token Amid Controversy

On May 15, Coinbase announced that it would close the moving token, declaring that it no longer meets the registration standards of the exchange. While Coinbase jamming – support@coinbase.com WalletCentralized exchange did not explicitly accuse the laboratories of misconduct, the calendar follows a controversial token of $ 38 million involving a market now completed.

Why Coinbase sets up $ Move Token?

The move that initially gained you field with significant funding, major exchanges and considerable media threshing. However, the reputation of the project was seriously held when internal documents have suggested poor management within movement laboratories. It would be allegedly, Rentech, a company linked to both movement laboratories and the contested market market, had an excessive influence on the behavior of the token market. A disclosed conversation and subsequent market manipulation exposed these faults.

The sale of $ 38 million USDT has sparked a sharp drop in Move prices, attracting the attention of the Network Foundation movement, which has since launched an independent survey. To alleviate the benefits, a reserve fund was created to buy the spilled tokens.

Move the diffusion of tokens

In response to these revelations, Coinbase acted quickly, moving in limited mode only before officially announcing its radiation. This decision has fueled skepticism surrounding the governance practices of the project, raising issues about the transparency of its economy in chips and the responsibility of its leaders.

Binance also reacted by prohibiting Web3port, and although movement laboratories have committed to buy the spilled tokens, he has not yet made this commitment. The promised air card has also been delayed, adding to the growing dissatisfaction of the community.

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Move the impact of prices

The price of the move has undergone an immediate blow, falling from more than 20% to $ 0.18 after the announcement. Although the price was slightly stabilized at $ 0.20, the market capitalization dropped below $ 500 million for the first time, reflecting the concerns of investors. At its peak, the move had reached $ 0.70, but it is now down 73% compared to its top of all time.

Despite the Bitcoin rally at a 70 -day summit, the sharp drop in MOVE emphasizes how specific problems with the project can prevail over broader market trends. The decreasing a steepest day since the launch of the token in December indicates a transmission of mistrust in its future.

The reaction within the Mouvement Telegram channel was an disbelief. While some users have expressed their gratitude to avoid the token, others criticized it like another scam. A community official said that action was a “suspension” and not permanent cancellation, ensuring users that talks with Coinbase were underway. However, confidence in the governance of the project remains trembling, with many uncertain people on the long -term viability of Move.