Movement Labs Cuts Ties with Co-Founder Rushi Manche Amid Controversy
Movement Labs has terminated co-founder Rushi Manche's employment due to controversy over undisclosed deals related to the MOVE token. The announcement was made on their X account, stating the decision is effective immediately.
Key points:
- Movement Labs did not announce a replacement or governance restructuring plans.
- A CoinDesk report revealed secret agreements between Movement-related entities and market makers during the token launch.
- Manche was linked to shadow advisors and hidden payment flows tied to MOVE’s debut.
- He was suspended on May 2, coinciding with Coinbase delisting the MOVE token amid community scrutiny.
- MOVE prices fell 8.5% in 24 hours post-termination and 35% over the past week.