Coinbase Delists MOVE Token, Wraps ETH for New York Users, and Suffers a $400M Data Breach

Coinbase has delisted the Movement (MOVE) token following a recent asset review. CBETH is now available to New York users, with more wrapped tokens on the way.

Coinbase is cleaning house yet again. Just days before it joins the prestigious S&P 500, the crypto exchange has made a surprising 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 recent post on X, Coinbase announced that it has officially disabled trading for Movement (MOVE) as of May 15 at 2 PM ET. The reason? A “recent review” of its listing standards – which, let’s be honest, is corporate speak for “this asset no longer meets the standards.”

We have disabled trading for Movement (MOVE). Your funds will remain accessible to you, and you will continue to have the ability to withdraw your funds at any time.

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, and 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 quickly shift funds, it’s a frustrating disruption.

Coinbase hasn’t mentioned any limitations on deposits, but delistings like this often come with hiccups, especially for traders who depend on rapid fund access.

Wrapped Tokens Are Coming to NY

While one token exits, another rolls into town. CBETH – Coinbase’s Wrapped Staked Ethereum – is now officially available to users in New York.

It’s part of a broader push to bring more wrapped tokens to the Empire State, including Cardano, Dogecoin, Litecoin and XRP (cbADA, cbDOGE, cbLTC, and cbXRP). No release dates on those yet, but they’re “coming soon,” according to Coinbase.

It’s a neat pivot toward more compliance-friendly innovation. Expanding in a tightly regulated market like New York shows that Coinbase is still playing the long game.

Inside the $400M Data Breach

Now for some serious bad news. Coinbase disclosed that rogue support agents in overseas teams were bribed by fraudsters to leak user data.

This included names, email addresses, partially masked bank account details, and copies of ID documents used for account verification. However, users’ passwords or bankroll weren’t compromised.

But the breach did open the door to more targeted social engineering attacks. And cleaning up the whole mess might cost Coinbase up to $400 million. Ouch.

Why It Matters

Between the MOVE delisting, pressing security concerns, and new token rollouts in New York, Coinbase is juggling several priorities: risk control, expansion, and trader experience.

For traders, it’s a stark reminder that a platform’s offerings can change rapidly, and so must your trading strategy. If MOVE was part of your portfolio, it’s time to adjust your plans accordingly.

And if you trade on Coinbase, staying vigilant about scams and phishing attempts is more crucial than ever.