Coinbase spoils the distinctive symbol amid controversy

On May 15, Coinbase announced He would delete the movement code, saying that he no longer fulfills the stock list standards. While Coinbase Coinbase – Support@coinbase.com walletCentral exchange He was not explicitly accused of movement laboratories of misconduct, and the timing follows a 38 million dollar emptying of a market maker now.

Why is Coinbase deleted $ MOVE tokeen?

I initially gained a premium symbol with great financing, major exchange legs, and great noise. However, the project’s reputation has erupted severely when the internal documents proposed mismanagement within the movement’s laboratories. Rinwich, a company associated with the movement laboratories and the disputed market maker, has been claiming an unjustified impact on the behavior of the symbolic market. A The chat that was leaked and manipulated in the subsequent market Detect these defects.

The sale of $ 38 million has led to a sharp decrease in the price of the Move, which caught the attention of the movement network, which has since started an independent investigation. To alleviate the repercussions, a backup box has been created to purchase filled symbols.

Transfer the symbol deletion

In response to this revelation, Coinbase quickly acted, and to move to the limit mode only before officially announced the deletion. This decision closed the doubts surrounding the project governance practices, which raised questions about the transparency of its symbolic economy and the accountability of its executives.

Binance’s reaction was also by banning Web3port, and although the movement laboratories pledged to the re -purchase of the funded symbols, they did not fulfill this commitment. The promised Airdrop was also delayed, which increased the increasing discontent among society.

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Transfer the price effect

The move price suffered from an immediate blow, as more than 20 % decreased to $ 0.18 after the announcement. Although the price settled slightly at $ 0.20, the maximum market of move decreased to less than $ 500 million for the first time, reflecting investor concerns. At its peak, Move reached $ 0.70, but now it decreased by amazing 73 % of its highest level ever.

Although Bitcoin has risen to the highest level in 70 days, the sharp decrease of Move emphasizes how the project’s problems exceeded the wider market trends. The sharp decrease in one day since the launch of the symbol in December indicates a deepening lack of confidence in its future.

Reaction Telegram channel in the movement It was one of the disbelief. While some users expressed his gratitude to avoid the distinctive symbol, others criticized him as another research. The community director explained that the procedure was a “suspension”, not a permanent deletion, and assures users to speak with Coinbase. However, confidence in the project governance is still shaken, with a lot of not sure Move in the long run.