Movement Labs announced today on X that it had suspended co-founder Rushi Manche.
The move to suspend Manche comes as Coinbase delisted the MOVE token, after CoinDesk reported that Movement Labs is investigating how a market maker tied to Web3Port acquired and dumped over 5% of the token’s supply, triggering a price crash.
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
Binance had previously banned the market maker at the center of this, Web3Port, from its platform.
The MOVE token is down about 20% on the day, according to CoinDesk market data.
