Movement Labs suspends co-founder Rushi Manche after allegations from delisting drama
The post Movement Labs suspends co-founder Rushi Manche after allegations from delisting drama appeared on BitcoinEthereumNews.com.
Movement Labs has suspended co-founder Rushi Manche after a string of challenges related to alleged market manipulation impacted the project. The company confirmed the suspension in a statement and cited “ongoing events” and a third-party review by Groom Lake related to organizational governance and relationship with a market maker. MOVE dump controversy resulted in Coinbase delisting The origin of Movement Labs’ latest challenges can be traced back to December. This was when a market maker allegedly sold 66 million MOVE tokens and took home an estimated $38 million in USDT profit. The issue was found out in March when Binance detected unusual activity, froze the funds in question and reported the issue to the Movement Foundation and to Movement Labs. We confirm that Rushi Manche has been suspended from Movement Labs. This decision was made in light of ongoing events and as the third-party review is still being conducted by Groom Lake regarding organizational governance and recent incidents involving a market maker. — Movement (@movementlabsxyz) May 2, 2025 New information is emerging that the market maker party Rentech was inaccurately reported to be connected to Web3Port. Research indicates that Rentech could very well be a standalone shell company with no online presence. Leaked agreements reveal that Rentech held more than 5% of MOVE’s total token supply, and the agreement terms seemed to trend towards pushing the price up to a $5 billion value before the planned sell-off. Coinbase resolved to delist the token after it initiated limited trading for MOVE. The exchange announced that the token failed to meet its listing requirements. The MOVE token has also suffered from the incident impacting the cryptocurrency market, with a 20% loss in the last 24 hours and a 50% loss in the last 30 days. The downward trend represents a long-term erosion…
Filed under: News - @ May 2, 2025 2:20 pm