Shocking! A trading conspiracy hidden behind a crypto project, founder fired!

Due to undisclosed token trading and allegations of market manipulation, the blockchain project Movement Labs has severed all ties with co-founder Rushi Manche. This decision was made swiftly after the project's MOVE token faced issues with opaque operations. Movement Labs issued a statement on its official platform on Tuesday, confirming the immediate termination of Manche's employment, but did not disclose details about a successor or changes in management.

The decision stemmed from a recent investigation report that revealed a series of undisclosed trades between Manche and a third-party market maker. The report also pointed out the presence of “shadow advisors,” secret payments, and hidden token allocations behind the project, with all clues pointing to Manche.

On May 2, Manche's trading was suspended, followed closely by a sharp drop in the price of the MOVE token—down 8.5% within 24 hours and a staggering 35% within a week. This change reflects the market's strong dissatisfaction with the project's transparency.

The issue of manipulation in the crypto market is becoming increasingly severe, with analysts noting that several new tokens face insufficient disclosure of information or market trading issues upon release, which has raised the alert of regulatory agencies. Previously, well-known market makers and other projects have also faced lawsuits or penalties for similar behavior.