Movement Labs Suspends Co-Founder Amid MOVE Token Scandal
By: bitcoin ethereum news|2025/05/02 20:30:01
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Movement Labs co-founder Rushi Manche suspended amid investigation. MOVE token drops 20% after token-dumping scandal linked to Web3Port. Coinbase delists MOVE token; Binance had earlier banned Web3Port. Movement Labs, a blockchain infrastructure company, announced the suspension of its co-founder, Rushi Manche, on May 2, 2025. The decision comes amid investigations into the governance of the organisation and a scandal involving token dumping that has significantly affected the MOVE token’s market performance. In an official post on X (formerly Twitter), Movement Labs stated: “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 organisational governance and recent incidents involving a market maker.” 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 Market Fallout and Exchange Response The suspension came after a damning report presented by Media House that an affiliated market maker of Web3Port had bought and sold over 5% of the MOVE token supply. This is said to have initiated a swift sell-off and rapid drop in the price of MOVE, causing it to lose over 20% in one day. In reaction to the accusations, big exchanges have moved quickly. Coinbase halted trading in the MOVE token, while Binance had earlier banned Web3Port from its platform, an indication of serious concern regarding market manipulation and improving transparency in token distribution. The MOVE token has come under criticism since the incident came to light. Market observers note the need for stricter compliance and oversight mechanisms, especially for emerging blockchain projects with retail investor exposure. As Movement Labs cooperates with Groom Lake to finalise its internal review, the broader crypto community is closely watching how the company handles governance and restores investor confidence. Highlighted Crypto News Today: Turbo Price Soars 15% as it Eyes Year-To-Date High Source: https://thenewscrypto.com/movement-labs-suspends-co-founder-amid-move-token-scandal/
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