Movement Labs suspended co-founder Rushi Manche after controversy over a market maker deal he brokered, which triggered a third-party investigation and Coinbase’s delisting of MOVE.
Movement Labs confirmed the suspension of its co-founder, Rushi Manche, following controversies over a market maker deal that he brokered.
Movement announced the suspension of Manche in a May 2 X post, explaining that the “decision was made in light of ongoing events.” The decision follows Coinbase’s recent decision to suspend the Movement Network (MOVE) trading, citing the token’s failure to meet its listing standards.
The suspension came after a recently announced third-party review requested by the Movement Network Foundation into an agreement orchestrated by Manche with Rentech — the latter helped broker an agreement with market maker Web3Port. Private intelligence firm Groom Lake is conducting the investigation.
