Coinbase Delists MOVE Token Amid Movement Labs Co-Founder Suspension

Movement Labs has suspended its co-founder Rushi Manche following allegations of his involvement in a MOVE token dump. The company announced the suspension on May 2 via an X post, citing an ongoing third-party review by Groom Lake into organizational governance and market maker incidents. This development comes as Coinbase prepares to delist the MOVE token, adding further turbulence to the token’s market performance.

Movement Labs Suspends Co-Founder Amid Token Dump Allegations

Movement Labs has suspended co-founder Rushi Manche following allegations of involvement in a MOVE token dump. The firm announced the decision via an X post on May 2, citing an ongoing third-party review by Groom Lake into organizational governance and market Maker incidents.

CoinDesk reports that Web3Port Labs received 66 million MOVE tokens—5% of total supply—shortly after the token’s exchange debut. Coinbase will delist MOVE on May 15, compounding the token’s 27% price decline. Manche denies any wrongdoing.

Worldcoin Price Prediction: How High Can WLD Go After Coinbase Announcement?

Worldcoin’s price dipped 5% to $1.03 amid a broader crypto market decline of 0.5% over 24 hours. Despite the drop, WLD remains up 10% weekly and 46% fortnightly, buoyed by Coinbase’s inclusion of the token on its listing roadmap.

The Coinbase listing could mark a turning point for Worldcoin, which has struggled with a 76% annual decline and a 91% drop from its March 2024 all-time high of $11.74. The project’s recent US launch adds further momentum to its potential recovery.

Movement Network’s MOVE Token Crashes 70% Amid Leadership Turmoil and Market Maker Issues

Movement Network’s utility token MOVE has collapsed 70% from its January peak, now languishing below a $500 million market cap. The Ethereum Layer-2 project’s decline accelerated this week with a 20% single-day drop as Coinbase suspended trading and co-founder Rushi Manche faced suspension.

Early promises of a $3 billion valuation following a $100 million Series B round have evaporated. Market analysts point to flawed market-making strategies and governance disputes as primary catalysts for the sell-off. The project’s December 2024 mainnet beta launch failed to sustain initial momentum, with token performance severely lagging broader Layer-2 sector growth.