Movement Labs has suspended co-founder Rushi Manche after reports tied him to a $38M market-making scheme just hours after Coinbase delisted the token.
It all began in Dec 2024, when $MOVE launched via public airdrop. Backed by big names, it aimed to redefine smart contract infrastructure. But behind the scenes, a controversial market-making deal was already in motion.
Under Mancheās lead, Movement Labs signed a secret deal with Rentech, a firm falsely presented as a Web3Port subsidiary though it had no online footprint.
That deal gave Rentech control over ~5% of $MOVEās supply, with incentives to pump the price to $5B and dump tokens for shared profit.
By late December, Rentech had sold $38M in $MOVE, drawing community backlash.
In response, Movement Labs hired third-party auditor Groom Lake to investigate governance failures. Yesterday, the team confirmed Mancheās suspension pending that review.
$MOVE has since plunged 20% in 24h, trading at $0.204, down 83% from its highs.
Movement Labs has suspended co-founder Rushi Manche after reports tied him to a $38M market-making scheme just hours after Coinbase delisted the token.
It all began in Dec 2024, when $MOVE launched via public airdrop. Backed by big names, it aimed to redefine smart contract infrastructure. But behind the scenes, a controversial market-making deal was already in motion.
Under Mancheās lead, Movement Labs signed a secret deal with Rentech, a firm falsely presented as a Web3Port subsidiary though it had no online footprint.
That deal gave Rentech control over ~5% of $MOVEās supply, with incentives to pump the price to $5B and dump tokens for shared profit.
By late December, Rentech had sold $38M in $MOVE, drawing community backlash.
In response, Movement Labs hired third-party auditor Groom Lake to investigate governance failures. Yesterday, the team confirmed Mancheās suspension pending that review.
$MOVE has since plunged 20% in 24h, trading at $0.204, down 83% from its highs.
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š Small Cap Gainers
XPLA +58.3% TokenFi +45.9% Luna by Virtuals +45.1% GAME by Virtuals +41.2% REVOX +41.0%
š Recent Funding Rounds
MagicBlock $7.5M Seed Round led by Faction
Nous Research $50M Series A Round backed by Paradigm
Catalysis $1.25M Pre-Seed Round led by Hashed Emergent
- Strategy has acquired 15,355 BTC for $1.42B at an average of $92,737 per BTC - Arizona passes bitcoin reserve and crypto bills, sending them to the governor - Tether's $770M XAUT backed by 7.7 tons of gold in Swiss vault
š Small Cap Gainers
XPLA +58.3% TokenFi +45.9% Luna by Virtuals +45.1% GAME by Virtuals +41.2% REVOX +41.0%
š Recent Funding Rounds
MagicBlock $7.5M Seed Round led by Faction
Nous Research $50M Series A Round backed by Paradigm
Catalysis $1.25M Pre-Seed Round led by Hashed Emergent
- Strategy has acquired 15,355 BTC for $1.42B at an average of $92,737 per BTC - Arizona passes bitcoin reserve and crypto bills, sending them to the governor - Tether's $770M XAUT backed by 7.7 tons of gold in Swiss vault
š Small Cap Gainers
XPLA +58.3% TokenFi +45.9% Luna by Virtuals +45.1% GAME by Virtuals +41.2% REVOX +41.0%
š Recent Funding Rounds
MagicBlock $7.5M Seed Round led by Faction
Nous Research $50M Series A Round backed by Paradigm
Catalysis $1.25M Pre-Seed Round led by Hashed Emergent
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š Macro News: ā S&P 500 claws back half its tariff losses, but the chaos is far from over ā Crypto Fraud Reached Staggering $9.3B Losses in 2024, 66% Increase From 2023: FBI Report ā Bitcoin ETFs Record Largest Inflows Since Trumpās Inauguration in January
š Project Updates: ā Vitalik Buterin Suggests Replacing Ethereumās EVM with RISC-V ā Polygon Introduces the Agglayer Breakout Program ā OpenSea Grabs 42% of NFT Market After 0.5% Fee Cut as Rivals Lag
šŖ Drophunting: Soul Labs ā Incentivized Testnet Zora ā Claim & TGE 0G Labs ā 0g Testnet v3 MilkyWay ā Checker is live Initia ā Claim & TGE Euclid Protocol ā Passport and Missions Mezo ā Galxe Tasks Nous Research ā Waitlist Form
š Ongoing Activities: ā Join CryptoRank Mini App and collect CR Points
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