The Ethereum (ETH)-based layer-2 project Movement (MOVE) cratered to an all-time low on Thursday after Coinbase announced it would axe trading support for the asset on May 15th.
The Ethereum (ETH)-based layer-2 project Movement (MOVE) cratered to an all-time low on Thursday after Coinbase announced it would be axing trading support for the asset on May 15th.
Coinbase didn’t elaborate on the reason for the delisting, but the decision comes a few weeks after Movement became embroiled in a controversy on another top crypto exchange.
Late last month, Binance announced that it was banning and freezing the assets of a market maker that had been operating for Movement.
The layer-2 project’s native token launched via Binance’s Airdrops Portal in December, but Binance said that after MOVE was listed, the unnamed market maker sold approximately 66 million MOVE tokens on December 10th, with few buy orders.
The market maker ended up netting a profit of $38 million worth of the stablecoin USDT before being offboarded last week.
Movement uses Move, a programming language that was originally built by a consortium backed by tech giant Meta for the now-defunct Diem project. The language was later used to develop layer-1 blockchains Sui (SUI) and Aptos (APT).
The MOVE token hit a low of $0.185 at one point on Thursday. The 160th-ranked crypto asset is currently trading at $0.189 and is down over 23% in the past 24 hours.
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