The post Movement’s Rushi Manche faces suspension amid market maker controversy appeared on BitcoinEthereumNews.com.

This is a segment from the 0xResearch newsletter. To read full editions, subscribe. A lot has happened since I last wrote on Movement. At the time, the chain was not live. About a month later, on April 15, Blockworks’ Katherine Ross and Jack Kubinec broke a story on market maker “misconduct” around the project’s MOVE token on the Binance exchange. The market marker was alleged by ZachXBT to be linked to market making firm Web3Port. At the time, MOVE traded at $0.29, about 74% down from its highs of $1.12 in December. Movement Labs co-founder Rushi Manche was also reportedly taking a “temporary leave” from the company, a claim that Manche neither explicitly affirmed nor denied at the time. As of yesterday, Movement officially confirmed that Manche has been suspended “in light of ongoing events” regarding “organizational governance and recent incidents involving a market maker.” The market maker in question was confirmed to be Web3Port in a CoinDesk exposé published on Wednesday. The market maker reportedly sold 66 million MOVE tokens (worth $38 million and about 2.64% of the total circulating supply at the time) on Dec. 9, 2024 — the day of the token’s Binance listing. On Mar. 25, Binance banned the market maker engaged by Movement after it netted a profit of $38m. In the aftermath of the Binance ban, Movement quickly condemned the market maker, citing that the firm’s actions were “against our wishes, without our consent, and in breach of our agreement.” Within the same blog post, Movement quickly announced a $38 m MOVE buyback program to “return the USDT liquidity to the Movement ecosystem.” Coinbase exchange announced also today its decision to suspend trading on the MOVE token. MOVE has plummeted to $0.19, down about 21% in the last 24 hours. The exposé CoinDesk’s piece…

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Filed under: News - @ May 2, 2025 5:25 pm