Movement Labs Cuts Co-Founder Loose—MOVE Tanks 27% as Coinbase Pulls the Plug

Another day, another crypto drama. Movement Labs just axed a co-founder—no explanations, no handshakes—just as Coinbase decided MOVE wasn’t worth the hassle. Cue the 27% nosedive.

Who needs enemies when you’ve got exchange listings giveth and taketh away? The ’decentralized’ dream meets centralized reality—again.

Pro tip for founders: maybe don’t get fired during a bear market. The market’s ruthless enough without adding corporate theatrics.

Coinbase to suspend MOVE

Per the details revealed, a firm known as Rentech reportedly signed a deal with both Web3Port Labs and Movement Labs. 

It was through Rentech that Web3Portal acquired the 5% MOVE circulation supply that was dumped on exchanges. Allegedly, Munche pushed for the RenTech deal.

Also, Binance banned the market makers’ (MM) accounts that sold the token. 

But Manche denied responsibility and implicated the entire Foundation team. In an X post on the 30th of April, he stated, 

“Any MM decisions were approved and supported by the entire foundation team. There were bad parties involved that corrupted the process (by representing both sides to profit), and the team is in the process of investigating.” 

Coinbase also announced that it will suspend trading of the token on the 15th of May.

This update triggered a 27% plunge during the trading session on the 1st of May. Overall, the token has declined 86% from a record high of $1.4 to below $0.20. 

Source: MOVE/USDT, TradingView

Although the dump eased at key trendline support, whether the token will hold above it remains to be seen. 

Movement is an Ethereum [ETH] layer-2 blockchain backed by World Liberty Financials (WLFI).

In fact, according to Arkham data, Trump’s WLFI still holds 7.5 million MOVE tokens (worth $1.3 million) despite the scandal. 

Source: Arkham