Coinbase will suspend trading of Movement's MOVE token, citing "recent reviews," following a CoinDesk investigation into market-making deals that experts said incentivized price manipulation.

The token fell more than 13% on the trading suspension news, while the broader market gauge CoinDesk 20 Index rose 4.4%.

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Movement Labs is currently investigating how a market maker may have gained access to a significant number of its tokens, which were then dumped on retail investors, causing its price to tank. The market maker, Web3Port, appears in contracts previously reported by CoinDesk.

Coinbase did not share many details about the trading suspension, just announcing that it would do so on May 15 by 2:00 p.m. Pacific Time (21:00 UTC).

We regularly monitor the assets on our exchange to ensure they meet our listing standards. Based on recent reviews, we will suspend trading for Movement (MOVE) on May 15, 2025, on or around 2 PM ET. — Coinbase Assets 🛡️ (@CoinbaseAssets) May 1, 2025

Coinbase said it has already switched its order books to "limit-only mode" for MOVE tokens, meaning trades will only be executed at certain prices, rather than a token's spot price.

Read more: Inside Movement’s Token-Dump Scandal: Secret Contracts, Shadow Advisers and Hidden Middlemen

Movement Token MOVE Slumps 14% on News of Coinbase Trading Suspension

A Bank of America customer says the lender repeatedly denied reimbursement after thousands of dollars disappeared from his account in the middle of the night.

In September of last year, $38,000 was stolen from an account that Justin Chan jointly held with his sister, reports the ABC-affiliated news station KGTV.

The theft happened after a SIM-swapping attack, where a hacker managed to convince Xfinity Mobile to port Chan’s cellphone number to a new device.

With access to two-factor verification codes, Chan says the hacker changed his login credentials and initiated three outgoing wire transfers.

“All these instances occurred within a three-hour period starting at around 2:00am, 3:00am. It was very fast.”

Chan reported the fraudulent incident to Bank of America, but says the lender refused to reimburse.

“Our investigation found the transaction in question was confirmed valid by you via (SMS/MMS) text message response or speaking directly with Fraud Detection Employee.”

Bank of America later reopened an investigation in November but still denied Chan a refund. Chan also presented a letter to Bank of America from Xfinity Mobile saying that his phone number was “likely accessed by a third party as a result of fraudulent activity” but the lender did not respond.

“I didn’t think I would get the money back. It was a very tough situation to begin with. Bank of America was being difficult.”

KGTV says things took a positive turn after the news team continued to press Bank of America on the matter. The lender reimbursed $20,000 and the trading platform Robinhood, where the remaining $18,000 had been sent, refunded the remaining funds.

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Bank of America Refuses To Reimburse Customer After $38,000 Disappears From Account: Report

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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Movement (MOVE) Plummets After Top US Crypto Exchange Coinbase Axes Support for the Layer-2 Project

A US state is preparing to hand billions of dollars to residents in its first-ever “inflation rebate” program.

New York’s Governor and state lawmakers say they’ve agreed on a budget framework that includes $2 billion for inflation refund checks to over eight million taxpayers.

The plan targets New Yorkers who filed taxes, are not claimed as dependents and earn below $150,000 annually.

Eligible joint filers earning up to $150,000 will receive $400, while those earning between $150,000 and $300,000 will get $300.

Single filers and heads of household earning up to $75,000 will receive $200, and those earning between $75,000 and $150,000 will get $150.

No application is needed and checks will be issued automatically using recent tax filings once the budget is passed and signed into law in about a week from today.

New York’s Democratic Governor Kathy Hochul says the rebates as a response to inflation-driven costs, reports News10 ABC.

“I can’t stop inflation, but everyone across the state paid more because inflation drove up prices.”

But the program has its critics.

Democratic Assemblymember Phil Steck says such programs are gimmicks, arguing for long-term tax relief or other spending priorities.

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US State Paying $2,000,000,000 To Residents – No Strings Attached – in First-Ever ‘Inflation Rebate’ Program

While at the MIT Bitcoin Expo last month I was able to sit down with Bitcoin Core developer Sjors Provoost.

Sjors is a physicist turned Bitcoin developer, which believe it or not is actually a pretty common phenomenon. He began contributing to Bitcoin Core in 2017, a very turbulent time during which the activation of Segregated Witness was playing out in the culmination of the block size wars with the User Activated Softfork and the New York Agreement.

He is also the co-host of Bitcoin, Explained, a podcast done with Aaron van Wirdum, the current Editor in Chief of Bitcoin Magazine. Most recently he has also written the book Bitcoin: A Work In Progress, explaining technical aspects of Bitcoin. Each chapter pairs with an episode of the podcast.

We talked about the Bitcoin Core project itself. How it’s organized, what it’s like to work on, and some of the challenges that can pop up for those who take the leap into contributing directly to the Bitcoin Core itself.

Watch the interview here:

Bitcoin Core Developer Sjors Provoost: Bitcoin Core The Project

Stablecoin issuer Tether (USDT) is reportedly looking to return to the US with a new dollar-pegged digital asset.

According to a new report by CNBC, the world’s largest stablecoin issuer is looking to launch a new crypto asset pegged to the US dollar by the end of the year as its chief executive continues to influence national crypto policies.

News of the new stablecoins was confirmed by Tether CEO Paolo Ardoino in an interview with CNBC. According to Ardoino, Tether – which is headquartered in El Salvador – is attempting to rebrand itself as being cooperative with law enforcement, as it was previously known as the “go-to” crypto for criminal activity.

The report says that Ardoino may have helped shape key legislation, such as the GENIUS Act – a bill that aims to give clear guidelines for stablecoins – and added provisions for Tether to help law enforcement.

As stated by Ardoino, according to CNBC,

“There is no company… even in the traditional financial system, that has such a breadth of collaboration with law enforcement. We are always trying to do better and more to block criminal activity… we have much better tools than the traditional financial system and we’re proving that every day.”

The CEO goes on to address Tether’s reserve assets, a point of contention for the firm in the past, as it agreed to pay $18.5 million to New York in 2021 after it was alleged that it lied about its reserves.

“We are very close to having $120 billion in U.S. Treasuries in our reserves. We have $7 billion in excess equity within the company’s capital. That is really unprecedented and I wish financial institutions in the traditional financial system would at least try to copy us to provide better products for their consumers.”

Tether, which now regularly publishes attestation statements, holds about $120 billion in U.S. Treasuries managed by the financial giant Cantor Fitzgerald, according to its latest report.

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Tether Looking To Come Back to the US With New Dollar-Pegged Stablecoin: Report

Millions of Americans are now staring at the possibility of identity theft and privacy violations after a massive cybersecurity incident at an employee benefits administration firm.

In a new filing with the Office of the Maine Attorney General, Houston-based VeriSource Services Inc. (VSI) says it has detected a significant data breach affecting four million individuals.

The firm says its investigation revealed that an unknown actor accessed its database without authorization and compromised customer records, including names, addresses, dates of birth, Social Security numbers and genders.

“On February 28, 2024, VSI became aware of unusual activity that disrupted access to certain systems.

Upon discovery, VSI immediately took steps to secure its network and engaged a leading, independent digital forensics and incident response firm to investigate what happened and whether any sensitive data may have been impacted. The investigation subsequently revealed certain personal information may have been acquired without authorization by an unknown actor on or about February 27, 2024. VSI undertook a comprehensive review of the potentially impacted data to identify the individuals and information involved…

That process was completed on April 17, 2025.”

VSI offers employee administrative and benefit data management services for companies, including Consolidated Omnibus Budget Reconciliation Act (COBRA) administration, dependent verification, Affordable Care Act (ACA) reporting, eligibility monitoring, direct billing services and more.

The firm says it immediately sent letters of notification to impacted customers while offering identity theft protection services that come with dark web monitoring and a $1 million insurance reimbursement policy.

For now, VSI says it has not seen “evidence of any actual or suspected misuse of information involved in this incident.”

The firm also says it reported the incident to the FBI and revamped its security protocols to reduce the risk of witnessing a similar cybersecurity incident in the future.

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Major Cybersecurity Breach Exposes Records of 4,000,000,000 Americans – Including Names, Addresses and Social Security Numbers

The IRS lost two key directors working on crypto initiatives, Seth Wilks and Raj Mukherjee, on Friday after they accepted deferred resignation offers directed by the Department of Government Efficiency.

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Wilks and Mukherjee, who both went to the IRS from the crypto industry, are technically still employees with the IRS for the next few months but they are on paid administrative leave as of Friday afternoon, two people familiar with the situation told CoinDesk. President Donald Trump's administration, through DOGE, offered deferred resignations to a wide array of federal employees earlier this year.

Wilks, who was previously a vice president at TaxBit, and Mukherjee, who was previously ConsenSys and Binance.US' head of tax, both joined the IRS Digital Asset Initiative in February 2024, and were tasked with helping the IRS build a better approach to crypto taxation, including leading the agency’s efforts to build reporting, compliance and enforcement programs for crypto and coordinating with the industry. They worked on an updated 1099-DA tax form shared last summer to aid U.S. persons with filing taxes tied to digital asset transactions.

The pair also oversaw parts of the agency's efforts to draft tax rules for the crypto industry.

The IRS finalized one such rule, imposing certain data collection requirements on decentralized finance (DeFi) brokers, in the waning days of the former Joe Biden administration. This rule was overturned by Congress earlier this year under the Congressional Review Act in a joint resolution signed by Trump.

Wilks was the IRS' executive director of digital asset strategy and development, while Mukherjee was the executive director of the digital assets office.

Both people who spoke to CoinDesk noted that the two officials had accepted voluntary buyouts but that these deferred resignations came ahead of expected cuts to IRS staff.

More than 20,000 IRS employees signed up for the deferred resignation program, the New York Times reported last month, with these employees being put on administrative leave through September.

IRS' Crypto Leads Are Leaving the Agency After Accepting DOGE Deals

The deputy director of the Central Intelligence Agency (CIA) says that the law enforcement and intelligence community can use crypto to track down US adversaries and disrupt their activities.

In an interview with crypto bull and influencer Anthony Pompliano, Michael Ellis says that Bitcoin (BTC) and other cryptocurrencies have potential uses amid views that bad actors use these assets to carry out illicit activities.

“We use technology as a tool and Bitcoin and other cryptocurrencies are another tool in the toolbox. It’s something that we can use to disrupt our adversaries’ use of it and we can use these technologies to collect more intelligence, to gather more information about them. In that respect, Bitcoin is actually very similar to other sorts of advanced technologies and one that we have to prioritize.”

Ellis also says that crypto is not a passing trend. He says that while not everyone in the government shares open or progressive views about new technologies, he and CIA Director John Ratcliffe are helping lead changes in the intelligence agency.

“Bitcoin is here to stay. Cryptocurrency is here to stay. More and more institutions are adopting it and I think that’s a great trend and one that this administration has been obviously leaning forward to.”

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Bitcoin and Other Crypto Assets Are Tools That Can Be Used for Intelligence Gathering, Says CIA Deputy Director

A closely followed crypto analyst says that Bitcoin (BTC) is gearing up to skyrocket as market sentiment improves.

In a new thread, pseudonymous crypto trader Dave the Wave tells his 152,600 followers on the social media platform X that, due to its status as an alternative currency or a digital form of gold, the crypto king is showing resilience during times when many traders thought money would be flowing out of it.

“A couple of months back, people were worried that the BTC market would be caught up in a general market panic and that money would fly to USD. Instead, we saw money fly away from the USD as well, and BTC is now pushing all-time highs. This is because BTC is an alternative currency/digital gold.”

Dave the Wave goes on to say that if the top crypto asset by market cap has another week like the last one, it could shoot past its previous all-time high of about $109,000.

According to the strategist’s chart, BTC should reach its all-time high sometime in June. The trader then says that by the end of the year, the flagship digital asset could hit a staggering price tag of $160,000, shattering its previous all-time high.

Bitcoin is trading for $97,499 at time of writing, a fractional increase on the day. On April 20th, it was moving for just under $85,000.

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Bitcoin Threatening To Revisit All-Time Highs As Market Anxiety Fades, Says Analyst – Here’s His Outlook

Great Britain’s finance ministry is aiming to restrict credit card usage when buying crypto.

According to a new Reuters report, the Financial Conduct Authority (FCA) aims to cut down on “bad actors” while simultaneously supporting legitimate projects.

“We are considering a range of restrictions, including restricting the use of credit cards to directly buy cryptoassets, and using a credit line provided by an e-money firm to do so.”

The FCA would still allow consumers to purchase stablecoins by credit card.

However, the FCA still says that crypto investors should be prepared to lose everything when betting on digital assets.

Earlier this year, the FCA moved to ban crypto ads, managing to cut the advertisements down by 50%.

The FCA says that it’s now making “good progress” with tech companies in regulating the banned advertisements, but is still “concerned about the prevalence of frauds and scams online”.

“Many social media sites have now banned paid-for adverts for UK financial services from non-FCA authorized firms, and we continue to [take] action against those we find breaching our rules.”

While seeking feedback on crypto regulation in February, David Geale, executive director of payments and digital finance at the FCA, said:

“Crypto is a growing industry. Currently largely unregulated, we want to create a crypto regime that gives firms the clarity they need to safely innovate, while delivering appropriate levels of market integrity and consumer protection.

Our aim is to drive sustainable, long-term growth of crypto in the UK. We’re asking whether we have got the balance right.”

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Regulators in Great Britain Move To Keep Crypto Customers From Borrowing To Buy Bitcoin (BTC): Report

The Solana (SOL) competitor Sui briefly ticked up in price on Thursday after news broke that the crypto exchange-traded fund (ETF) provider 21Shares filed for a spot SUI ETF in the US.

SUI was trading around $3.56 prior to the announcement and jumped to a high of $3.75 a few hours later, an increase of more than 5%.

The 13th-ranked crypto asset by market cap has since retraced and is trading at $3.57 at time of writing.

Duncan Moir, president of 21Shares, says the Sui ETF filing, which is subject to approval from the U.S. Securities and Exchange Commission (SEC), reflects consumer demand and the firm’s belief in the project.

“Since our earliest research into Sui, we believed it could become one of the most exciting blockchains in the industry, and we’re seeing that thesis play out.”

The crypto asset manager Canary Capital has also filed for a SUI ETF. The SEC is currently mulling more than 70 applications for various crypto exchange-traded products, according to a list compiled by James Seyffart, an ETF analyst at Bloomberg Intelligence.

The SEC greenlit the first spot market Bitcoin ETFs in January 2024, bringing in billions of dollars worth of inflows to the top digital asset by market cap, and the regulator subsequently approved Ethereum ETFs for trading last July.

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Solana Challenger Sui Jumps After 21Shares Files for SUI Exchange-Traded Fund

Prominent analytics firm Santiment says the altcoin market may continue to rally as long as two main factors persist.

In a new strategy session, Santiment says altcoins will likely continue to trend higher if Bitcoin (BTC) does not return to the $80,000 range and if possible, exchange-traded funds (ETFs) for alts continue to generate excitement.

“As we kick off May trading, stay alert to quickly evolving narratives – particularly if Bitcoin holds its position, and profits continue redistributing to various projects based on the latest news breaks. The altcoin rally may have legs if ETF hype continues, and if Bitcoin can stay strong above $90,000.”

Specifically, Santiment notes there is investor enthusiasm around the possible launch of spot market ETFs for payments token XRP, Ethereum (ETH) rival Solana (SOL) and memecoin Dogecoin (DOGE).

“Many believe that, once approved, these ETFs could bring in large amounts of institutional money and push XRP into the financial mainstream…

There’s also been mentions of Solana’s potential spot ETF approval, bullish market sentiment and its ranking among top cryptocurrencies, making it a focal point in crypto market discussions…

With Dogecoin now among the top 10 most traded coins and one of the largest by market cap, the idea of a DOGE ETF is gaining traction. The partnership between 21Shares and the Dogecoin Foundation (via the House of Doge) to promote the ETF has added credibility to the project, sparking stronger engagement from both longtime DOGE supporters and traditional investors looking for new opportunities. Because of these developments, crowd sentiment toward Dogecoin has clearly shifted.”

But Santiment warns retail traders could suddenly cause the market to plummet based on sentiment alone.

“However, retail euphoria often leads to sharp corrections, especially when memecoins are dominating attention. In a market driven by emotions as much as fundamentals, sentiment remains one of the most telling indicators of what’s to come.”

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Movement Token MOVE Slumps 14% on News of Coinbase Trading Suspension

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