### **🚨 Movement Labs Suspended Co-founder Related to $38 Million MOVE Token Bulk Sale Scandal**

#### **📌 Key Facts:**

- **Rushi Manche (Co-founder Movement Labs)** suspended related to **the sale of 66 million MOVE tokens** by market maker **Rentech** within **24 hours after listing**.

- **Binance freezes $38 million** in profits from the market maker & cuts ties.

- **Coinbase will delist MOVE** starting **May 15** → MOVE price plummets **21%** (to £0.20).

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### **🔍 Timeline of the Scandal:**

1️⃣ **Problematic Contract**:

- Rentech (claims to be a subsidiary of Web3Port) controls **5% of MOVE supply**.

- Movement's legal team has already **warned about the risks**, but the contract continues.

2️⃣ **Planned Pump & Dump**:

- Market maker sells **66 million MOVE** (≈$38 million) without adequate buy orders → **price crashes**.

- Suspected market manipulation with **asymmetric trading**.

3️⃣ **Manche's Involvement**:

- Internal documents indicate a **conflict of interest** between Movement Labs and its foundation.

- Audit by **Groom Lake** is underway.

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### **💀 Impact on Investors:**

- **MOVE price crashes 90%+** from ATH.

- **Trust in the project destroyed** → Coinbase & Binance take decisive action.

- **Big questions** about governance & transparency of Movement Labs.

**#MovementLabs #Move #CryptoScandal #coinbase #Binance **

💬 **What do you think?** Is this just a mistake or intentional manipulation? Comment below! 👇