Cryptocurrency Move has lost more than half of its value in a month. At the moment one is one Move only worth 0.15 euros. In the last 30 days, the rate has fallen by almost 56 per cent. And that while the rest of the crypto market is going through a good period. What’s going on at Move?
Founder suspended
On 2 May, the team behind Move announced that co-founder Rushi Manche was suspended. That decision came after an investigation had started a striking deal around the Munt and the board of the project.
Remarkably, there was news a few weeks earlier that Manche had temporarily resigned. Then that already caused panic among investors, giving the course of Move a blow. Whack then denied on X That he was really gone. Now it appears that he is still officially suspended.
Vague deal with a market party
The whole riot revolves around a deal between Movement Labs (the company behind Move), a party called RETECH and the Movement Foundation. The latter thought that Rentech was linked to Web3port, a well -known investment platform in the crypto world. But that turned out not to be the case afterwards.
There is now research going on to find out how this error could happen and who exactly benefited from the deal. What is clear: Manche has shared and approved the deal internally.
What was it in that deal?
According to Coindesk, Web3port was given an agreement stating that if the value of Move would remain below $ 5 billion, all the profit would go to Movement. But if Move would exceed 5 billion dollars, Web3port could share the profit with RETECH.
That of course causes perverse stimuli: it would be attractive for the market party to pump the course to above that border, and then to sell their tokens. Not really something that arouses trust among investors.
Fairs take a distance
Due to all the uncertainty, large trading platforms no longer dare. On 1 May, Coinbase decided to remove Move from their platform. That usually ensures even more price pressure, because it becomes more difficult for investors to buy or sell the coin.
Movement Labs has made their promotional campaign ‘Movedrop’ on a break for the time being. The team says to wait for the results of the investigation by the independent agency Groom Lake. As soon as that is ready, they want to come up with an explanation.
For starting investors this is a good example of how fast it can go in the crypto world. Always be critical, and know in which you invest. Do you want an update once the examination has been completed? Then turn on your notifications for Blox News.
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