Movement Labs terminates co-founder Rushi Manche amid leadership restructuring
Movement Labs has terminated Rushi Manche, the project's CEO and co-founder, amid a leadership overhaul following recent controversies and a Coinbase delisting announcement.
"Movement Labs has terminated Rushi Manche. Movement will continue under different leadership," the company announced Tuesday on X, noting that a revised governance structure and leadership details would be shared "soon."
The decision follows an ongoing third-party review by Groom Lake investigating internal governance issues and controversial dealings with a market maker.
The project faced increased scrutiny after Binance disclosed in March that a market-making entity had sold tens of millions of MOVE tokens.
A recent CoinDesk investigation revealed Movement Labs allegedly entered into a market-making agreement that gave a middleman, Rentech, control of 66 million MOVE tokens, valued at approximately $38 million.
Rentech reportedly sold the tokens while serving as both an agent of the Movement Foundation and a Web3Port subsidiary, raising conflict-of-interest concerns.
