The post Movement Labs terminates co-founder Rushi Manche, launches new firm appeared on BitcoinEthereumNews.com.

Movement Labs confirmed the termination of its co-founder, Rushi Manche, following controversy over a market maker deal that he brokered. Movement Labs made the announcement in a May 7 X post, stating it had “terminated Rushi Manche.” The project said it “will continue under a different leadership.” The post also alludes to upcoming governance changes. The termination follows Movement Labs announcing Manche’s suspension earlier this month, explaining that the “decision was made in light of ongoing events.” It also comes after Coinbase’s recent decision to suspend the Movement Network (MOVE) token, citing its failure to meet its listing standards. Source: Movement Related: Movement Network to buy back tokens with $38M recovered from rogue market maker Movement Labs launches Move Industries In addition to terminating Manche, Movement Labs announced the launch of Move Industries, with former Movement Labs employees Torab Torabi as the firm’s CEO and Will Gaines as its chief marketing officer. “In light of recent news, we needed a clean break. Movement started with the community and our builders,“ the announcement stated. The firm promised better governance with new leadership, town halls for heightened transparency and improved vetting and verification procedures. Other, less tangible changes include “evolved leadership philosophy” and a “return to crypto’s radical roots.” Market makers at it again The termination comes after a recently announced third-party review requested by the Movement Network Foundation into an agreement orchestrated by Manche with Rentech. Rentech then helped broker an agreement with market maker Web3Port. After the deal concluded, Web3Port reportedly sold the 66 million MOVE that it gained through the deal, about 5% of the total supply. This led to $38 million in downward price pressure in December 2024. The investigation is being conducted by the private intelligence firm Groom Lake. The pseudonymous organization’s founder, FDR, told Cointelegraph that he “won’t reveal any information…

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Filed under: News - @ May 7, 2025 8:29 pm