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Movement Labs Suspends Rushi Manche Amid Coinbase Delisting, Token-Dumping Scandal
Movement Labs cites 'ongoing events' as the reason for suspension.
Updated May 2, 2025, 7:46 p.m. Published May 2, 2025, 3:16 a.m. 1 min read
What to know:
- Movement Labs has suspended co-founder Rushi Manche amid ongoing investigations into organizational governance.
- Coinbase has suspended trading of the MOVE token following a report of a market maker's involvement in a token dump.
- The MOVE token's value has dropped over 20% after Binance banned the implicated market maker, Web3Port.
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.
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