CoinInsight360.com logo CoinInsight360.com logo
America's Social Casino

CoinDesk 2025-05-07 05:50:07

Movement Labs Terminates Rushi Manche After MOVE Token Deals

Movement Labs, the development firm of the Movement network, has officially cut ties with co-founder Rushi Manche following controversy surrounding undisclosed MOVE token deals. The announcement came via the company’s X account early Tuesday, stating that “Movement Labs has terminated Rushi Manche’s employment and all affiliations with the company effective immediately.” It has yet to name a replacement or outline next steps for governance restructuring. The decision follows a CoinDesk report that first revealed secret agreements between Movement-linked entities and market makers during the project’s token launch. CoinDesk reported the existence of shadow advisors, hidden payment flows, and undisclosed token allocations surrounding MOVE’s debut. Manche was directly tied to those arrangements, according to internal documents and investor correspondence reviewed by CoinDesk. Manche was initially suspended on May 2, shortly after Coinbase delisted the MOVE token. The delisting followed mounting community pressure on how the company operates behind-the-scenes and project governance. MOVE prices are down 8.5% in the past 24 hours, a bulk of the slide coming after Manche’s termination. The token is down 35% in the past week.

Read the Disclaimer : All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyse and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.