What happened to the ACX token?
The ACX token, tied to the Across cross-chain bridge protocol, is going through a "wind down" managed by the project team itself, according to Coinbase's status page. Coinbase published it as a "scheduled event."
The specific steps Coinbase lists in the notice:
| Step | Detail per Coinbase |
|---|---|
| Announcement | July 14, 1:37 PM PDT |
| Trading mode | ACX order books switched to "limit-only" mode |
| Trading suspension | ACX to be suspended on Coinbase on July 28 |
| Event window | July 28 (00:00 PDT) to August 3 (22:00 PDT) |
"Limit-only" means market orders are no longer accepted and trading is possible only via limit orders, that is, at a predetermined price. It is a common step an exchange uses to dampen liquidity before fully suspending trading in an asset.
What is the Across team offering holders?
According to Coinbase, the project team is offering ACX holders "conversion options," with documentation published on its forum under the "The Bridge Across" thread. Coinbase points holders directly to this project documentation.
Coinbase also notes that if a holder wants to take part in the conversion, they should move their ACX into a compatible self-custodial wallet (that is, a wallet they fully control themselves, rather than tokens held on an exchange).
What is not yet clear?
Coinbase's public notice leaves out a number of important details. It does not say what exactly ACX converts into, at what ratio, or what the precise timelines and terms are on the Across project's side. According to Coinbase, this information is in the team's documentation on the forum, the contents of which are not among our verified sources and which we cannot confirm here.
It is also not clear from the notice whether and how other exchanges or custodians will proceed. Coinbase speaks exclusively about ACX trading on its own platform.
What to watch out for with this type of event?
charliedesk does not give buy or sell advice. But with token wind downs and conversions, a few general factual points apply that can be verified from primary sources:
- Deadlines. The trading suspension and the window for any conversion have fixed dates. Once trading is suspended, you can no longer sell the token on that exchange.
- Who holds the keys. Coinbase itself recommends moving tokens to a self-custodial wallet to participate in the conversion. Tokens sitting on an exchange may not be automatically included in the conversion.
- Verify only official channels. Wind downs and airdrops are frequent targets for scams with fake "conversion" pages. Always compare links against the project's and exchange's official documentation.
We will monitor whether Coinbase confirms the July 28 date and clarifies the conversion terms. We will update this story accordingly.