🚨 Movement Labs suspends co-founder Rushi Manche following scandal involving market maker
📌 Movement Labs has suspended co-founder Rushi Manche after discovering a conflict of interest between advisors and market maker partners, leading to allegations of manipulation of the MOVE token price.
📌 The incident began when a market maker allegedly dumped 66 million MOVE (equivalent to 5% of total supply) shortly after the token was listed, reaping approximately 38 million USDT. Binance detected this and froze the funds, while permanently banning the market maker from the platform.
📌 Coinbase announced it will halt trading of MOVE starting May 15, after placing the token in a trading restriction mode. The price of MOVE has dropped over 50% in the past month, reflecting a loss of trust from the community.
📌 An independent investigation is being conducted by Groom Lake to reassess the governance activities and internal relationships of the project. Movement Labs is committed to transparency and will update the results of the investigation in the near future.
