Coinbase is cleaning house yet again. Just days before it joins the prestigious S&P 500, the crypto exchange has made a bold move: delisting the Movement (MOVE) token. But that’s not all. From wrapped tokens rolling into New York to a $400 million data breach blowback, this week has been pretty busy for Coinbase.
Let’s break it all down.
MOVE Gets the Boot
In a post on X, Coinbase confirmed that it has officially disabled trading for Movement (MOVE) as of May 15 at 2 PM ET. The reason was a “recent review” of listing standards – which, let’s be honest, is corporate speak for “this asset no longer meets the standards.”
If you’re holding MOVE on Coinbase, don’t panic – your funds are still safe. Withdrawals remain open, but trading is off the table. No new orders, no cancellations, no access to the order books. That’s a problem if you’re an active trader relying on liquidity to execute real-time strategies.
For anyone mid-trade or looking to shift funds, it’s a frustrating disruption. Coinbase hasn’t mentioned deposit limitations, but delistings like this often come with hiccups especially for those depending on fast fund access.
Wrapped Tokens Are Coming to NY
While one token exits, another enters. CBETH – Coinbase Wrapped Staked Ethereum – is now officially available to users in New York. It’s part of a broader wrapped token push that includes Cardano, Dogecoin, Litecoin and XRP (cbADA, cbDOGE, cbLTC, and cbXRP). No release dates on those just yet, but they’re “coming soon,” according to Coinbase.
It’s a nice pivot toward more compliance-friendly innovation. Expanding in tightly regulated markets like New York means Coinbase is still playing the long game.
Inside the $400M Data Breach
Ready for ANOTHER bombshell? Coinbase informed that rogue overseas support agents were bribed into leaking sensitive user data – including names, masked bank info, and ID docs. While no funds or passwords were touched, the breach opened the door to targeted social engineering attacks.
Cleaning up the mess might cost Coinbase up to $400 million. Ouch.
Why It Matters
Between the MOVE delisting, security concerns, and new token rollouts, Coinbase is juggling risk control with expansion. For traders, it’s a clear reminder that platform stability can shift overnight – and so can your strategy.
If MOVE was part of your portfolio, it’s time to reassess. And if you’re trading on Coinbase, staying alert is a necessity!
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FAQs
Coinbase is delisting MOVE after a review found it no longer meets listing standards, tied to an ongoing third-party investigation.
Rentech allegedly acted on both sides of a token deal, gaining control of 66M MOVE tokens later sold, triggering a price crash.
Yes, you can still withdraw MOVE tokens, but trading, new orders, and order book access are disabled.
