Update on token manipulation case $MOVE - CEO Movement suspended from work

After Coinbase announced the suspension of trading for the MOVE token on May 16, Movement Labs confirmed the suspension of CEO & co-founder Rushi Manche.

Previously, Coindesk revealed that Rushi Manche had abused his authority to push for a contract between Movement and the market maker (MM) unit, despite opposition from the company's legal team. This agreement allowed the MM to control 66M MOVE, facilitating price manipulation, causing significant losses for investors.

Rushi Manche initially acknowledged his mistake for being too trusting, leading to a conflict of interest between advisors and stakeholders related to this MM contract.

Movement's internal investigation into the MM partner being banned by Binance for violations, forcing the project to implement a MOVE buyback program, is still ongoing.