Movement Labs made an important decision by suspending its co -founder, Rushi Manche, following allegations that he was involved in the controversial dumping of Tokens Move. This decision was made in the midst of increasing concerns concerning market manipulation and the 27 % drop in the price of the MOVE.
The crisis began when Web3port Labs, a third -party organization, received 66 million tokens Move, or 5 % of the total tokens offer. After the token made his debut on exchanges, Web3port Labs quickly liquidated his entire reserve, causing a drop in the price of the move under $ 0.30. Coinbase, one of the main exchanges of cryptocurrencies, has now confirmed that it would suspend Move trading on May 15, adding more pressure to the situation.
In an official press release on May 2, Movement Labs confirmed the suspension of Rushi Manche, specifying that this decision was part of an ongoing investigation into the scandal. The survey, conducted by Groom Lake, focuses on the alleged involvement of a market creator in the tokens dumping.
The situation quickly degenerated when Rentech, a company that signed an agreement with Web3port Labs and Movement Labs, became central to controversy. According to reports, it was through Rentech that Web3port Labs received the Tokens which were then dupe. Although Manche has denied any personal involvement, he suggested internal problems within Movement Labs, suggesting that the entire founding team could have been an accomplice in approval of the agreement.
In response, Coinbase announced that it would suspend the move from its platform from May 15, exacerbating panic on the market. This announcement caused a 27 % drop in token Move during the May 1 trading session. The price of MOVE has now dropped 86 % compared to its historic summit of $ 1.40, falling at less than $ 0.20.
-Despite these dramatic price falls, the token has found some temporary support on a key trend line, but its future remains uncertain. Traders and investors wonder if the token will manage to stay above this level of support or if he will continue his descending trajectory.
In addition, the layer 2 Ethereum blockchain supporting Movement Labs, known as World Liberty Financials (WLFI), still has a substantial amount of tokens Move. According to Arkham data, WLFI still holds 7.5 million tokens Move, worth around 1.3 million dollars, despite the current scandal surrounding the token.
The Move saga serves as a lesson on volatility and risks inherent in the world of cryptocurrencies. Although the project once seemed to be intended for significant growth, the recent allegations of market manipulation and the future radiation from Coinbase have questioned the future of the token.
While the investigation continues and new developments are emerging, the Crypto community wonders if the MOVE will be able to straighten up or if it will be the end of the road for the token.
Number of views 1
Related news :