$MOVE

After Coinbase's announcement, the price of the MOVE token plummeted by approximately 16.5% in the last 24 hours. The market's reaction reflects the growing uncertainty surrounding the Movement Network project, which had already faced scrutiny weeks earlier.

In April, Movement Labs —the company behind MOVE— faced allegations related to irregularities in agreements with its market maker. The controversy included the temporary exit of one of its co-founders, as well as reports revealing that certain entities had obtained preferential access to large amounts of the token.

A CoinDesk investigation shed light on the involvement of the market-making firm Web3Port and its alleged connection to another entity called Rentech. According to contracts obtained by the outlet, the latter had been able to access more than 5% of the MOVE tokens. These contracts granted the ability to liquidate all their assets under certain conditions, which may have incentivized price manipulation.

Movement Labs has confirmed that it is investigating how Rentech, which the firm believed to be a subsidiary of Web3Port, obtained those assets. This possible concentration of tokens in the hands of a specific entity, combined with the subsequent massive sale of the same, coincides with the decline in the value of MOVE in the retail market.

Binance, another recognized exchange in the market, banned Web3Port after detecting the liquidation of approximately USD $38 million in MOVE tokens associated with that entity, just after the token's debut on its platform.

Although the exchange did not offer a formal announcement like Coinbase did, various sources indicate that Binance removed all operational ties with Web3Port in response to the movements detected on the Blockchain network.