Coinbase suspends the trading of the movement’s shift token, citing “recent reviews,” following a CoinDesk investigation into market deals that experts have said that ignores price manipulation.
The token fell more than 13% in the trading suspension news, while the wider gauge Gauge CoinDesk 20 index increased by 4.4%.
Movement Labs is currently investigating how a market manufacturer can have access to a significant number of its tokens, which is then thrown into retail investors, causing the price to the tank. The market manufacturer, Web3port, will appear in contracts previously reported by CoinDesk.
Coinbase did not share many details about the trading suspension, announced that it would be done on May 15 to 2:00 PM Pacific Time (21:00 UTC).
We regularly monitor the properties in our exchange to ensure that they meet our listing standards. Based on recent reviews, we suspend trading for movement (move) on May 15, 2025, at or 2 pm et.
– Coinbase assets 🛡️ (@coinbasessesets) May 1, 2025
Coinbase said it has already moved its order orders to “Limited-mode only“For moving tokens, trading means will only be carried out at some prices, rather than a price of token area.
Read more: Within token-dump movement scandal: Secret contracts, shadow advisers and hidden Middlemen
