**๐จ Movement Labs Co-Founder Suspended Amid Market-Making Scandal**
**๐ Key Points:**
- **Rushi Manche**, co-founder of Movement Labs, **suspended** following a **market-making scandal** involving the **MOVE token**.
- **Coinbase to delist MOVE** on **May 15** due to the controversy.
- **Allegations**: A market maker dumped **66M MOVE tokens (worth ~38M USDT)** after inflating the price.
- **MOVE price crashed 20%** in 24h, now trading at **$0.20** (MC: **$501M**).
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### **๐ What Happened?**
- **Binance flagged irregularities** in March, freezing proceeds from suspicious trades.
- **Movement Labs allegedly partnered with "Rentech"**, a firm misrepresented as a **Web3Port subsidiary** but with **no digital footprint**.
- **Contracts revealed** Rentech controlled **5% of MOVE supply**, incentivized to **pump & dump** for profit.
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### **โ๏ธ Fallout & Investigation**
- **Third-party audit ongoing** (led by Groom Lake) to review governance & market maker activities.
- **Movement Labs promises transparency**, will share findings post-review.
- **Investor confidence shaken** โ MOVE down **~90% from ATH ($2.50)**.
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### **๐ก Whatโs Next?**
- **MOVE holders**: Prepare for **delisting from Coinbase (May 15)**.
- **Regulatory scrutiny**: Could this trigger broader oversight on **market maker agreements** in crypto?
- **Legal risks**: Potential **SEC investigation** if fraud is confirmed.
#MovementLabs #Move #CryptoScandal #coinbase #Regulation
*(Sources: CoinDesk, Binance, The Block)*
๐ฌ **Thoughts?** Does this raise concerns about **market maker manipulation** in other projects? Drop your take below! ๐
