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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.
Coinbase didn’t articulate a specific reason for the delisting, but the decision materialized a few weeks after Movement became embroiled in a controversy on another top crypto exchange.
In late March, Binance banned and froze the assets of a market maker that operated 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 originally built by a consortium backed by tech giant Meta for the now-defunct Diem project. The language was then used to develop layer-1 blockchains Sui (SUI) and Aptos (APT).
The $MOVE token hit an all-time low of $0.185 at one point on Thursday. The 160th-ranked crypto asset by market cap is trading at $0.189 at time of writing and is down more than 23% in the past 24 hours.
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