Movement Labs Controversy
Yesterday, CoinDesk reported on the controversy surrounding Movement Labs' decisions regarding market maker collaboration. This incident not only caused significant losses for many MOVE investors, but the MOVE token was also delisted by Binance, severely impacting the project's trustworthiness.
Co-founder Cooper Scanlon stated in a Slack message on April 21, 2025, that the company is investigating whether the market maker Rentech intentionally misled them. However, Rentech firmly denies any wrongdoing, with both sides maintaining their positions.
The severe internal divisions and decision-making errors among the senior management of Movement Labs have exacerbated the situation's seriousness. This internal conflict has not only complicated the event but also shaken the team's cohesion. The uproar has evolved from external market issues into an internal trust crisis within the company.
Coinbase Delisting, Co-founder Dismissed
After the announcement, Coinbase Exchange stated that it will delist the MOVE token on May 15 after evaluation. The exchange did not specify the exact reason, only indicating that this decision was made in consideration of recent project reviews.
We regularly monitor the assets on our exchange to ensure they meet our listing standards. Based on recent reviews, we will suspend trading for Movement (MOVE) on May 15, 2025, on or around 2 PM ET.
— Coinbase Assets (@CoinbaseAssets) May 1, 2025
In the face of a public relations crisis concerning the survival of the project, Movement Labs also urgently issued a statement recently, indicating that co-founder Rushi Manche has been dismissed and that the professional intelligence agency Groom Lake is still conducting a third-party review regarding organizational governance and recent events involving market makers.
Movement Labs Scandal Unfolds
Meanwhile, the news regarding the underhanded dealings of the Movement Labs team has not quieted down. Chen Jian, who collaborated with the Movement Labs team as a consultant/contributor, disclosed today on X that he worked with the team last November, but they delayed signing the contract for various reasons until this January, when he received no follow-up and chose to terminate the collaboration. His contributions during this time were not rewarded in any form. Chen Jian wrote in his post:
“Because for all the projects we participated in as consultants and contributors, considering long-termism in supporting project growth, our collaboration was only in the form of receiving tokens without any USDT, and the tokens need to be locked with linear unlocking. However, due to the ongoing lack of a contract, my senior brother and I have been working hard for so long without earning a single cent, which is literally true. We have not earned a single cent, not even 1 USDT.”
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