#AppleCryptoUpdate

​​MOVE Token Dumps 20% As Price Manipulation Unfolds

Movement Labs has suspended co-founder Rushi Manche after reports tied him to a $38M market-making scheme just hours after Coinbase delisted the token.

It all began in Dec 2024, when $MOVE launched via public airdrop. Backed by big names, it aimed to redefine smart contract infrastructure. But behind the scenes, a controversial market-making deal was already in motion.

Under Manche’s lead, Movement Labs signed a secret deal with Rentech, a firm falsely presented as a Web3Port subsidiary though it had no online footprint.

That deal gave Rentech control over ~5% of $MOVE’s supply, with incentives to pump the price to $5B and dump tokens for shared profit.

By late December, Rentech had sold $38M in $MOVE, drawing community backlash.

In response, Movement Labs hired third-party auditor Groom Lake to investigate governance failures. Yesterday, the team confirmed Manche’s suspension pending that review.

$MOVE has since plunged 20% in 24h, trading at $0.204, down 83% from its highs.

👉 https://cryptorank.io/price/movement-labs