Coinbase is halting trading of Movement Labs’ MOVE token on May 15, citing noncompliance with its listing standards. Crypto exchange Coinbase has announced it will suspend trading of the Movement Network token (MOVE), the native cryptocurrency of the Movement layer-2 blockchain protocol, developed by Movement Labs, effective May 15. The decision was shared in a May 1 X post, with Coinbase citing the token’s failure to meet its listing standards. The price of the MOVE token also declined by approximately 14.5% in the last 24 hours. Coinbase specified the details of the suspension in an announcement: The suspension of the token follows a recently announced third-party review orchestrated by the Movement Network Foundation into an agreement allegedly signed by Movement Labs and a market-making firm, which is said to be behind the downfall of the MOVE token price in December 2024. Read more
The introduction of Ethereum R1 deviates from traditional layer-2 developments that have come to characterize Ethereum's scaling networks. A group of developers within the Ethereum ecosystem, operating independently of the Ethereum Foundation, have announced Ethereum R1 — a layer-2 (L2) scaling solution for the Ethereum network that does not include a native token. According to the announcement, the project relies entirely on donations, does not have venture funding, and does not have any pre-mined token allocations or a governance token. The project's team wrote in a May 1 X post: “Most L2s today are acting more like new L1s than an Ethereum scaling solution — private allocations, opaque governance, and centralized control,” the developers continued. Read more
“The world looks to New York, and the world looks to [its] Department of Financial Services,” veteran crypto regulator Ken Coghill told a Cornell audience. Love it or leave it, New York State has been a force in crypto regulation. Ten years ago, the state created the United States’ first comprehensive regulatory framework for firms dealing in cryptocurrencies, including key consumer protection, anti-money laundering compliance and cybersecurity guidelines. In September 2015, the New York Department of Financial Services (NYDFS) issued its first BitLicense to Circle Internet Financial, enabling the company to conduct digital currency business activity in the state. Ripple Markets received the second BitLicense in 2016. Circle and Ripple went on to become giant players in the global cryptocurrency and stablecoin industry. Read more
Bitcoin attempts to punish shorters with relentless higher highs on low timeframes, trading places with gold, which follows commodities downhill. Bitcoin (BTC) gained 3% on May 1 as a new month saw shorts struggle to keep price pinned. Data from Cointelegraph Markets Pro and TradingView showed BTC/USD reaching $96,955 on Bitstamp, its highest since Feb. 22. Increasingly close to six figures, Bitcoin rose with US stocks at the Wall Street open as Microsoft gained 10% to become the world’s highest-valued public company. Read more
Enterprise-grade custody solutions can safeguard digital assets with multi-layered security and transparency. Opinion by: Vikash Singh, Principal Investor at Stillmark The Bybit hack resulted in the largest loss of funds to cyber hackers by a cryptocurrency exchange in history. It served as a wake-up call for those complacent about the state of security threats in the digital assets space. Everyone must learn the lesson from this heist — enterprise-grade custody solutions require tech to be accompanied by transparency. Unlike many previous incidents, this loss of funds was not due to a faulty smart contract, lost/mismanaged keys or deliberate mismanagement or rehypothecation of user funds, but rather a sophisticated social engineering attack that exploited vulnerabilities in operational security. Read more