Movement Labs Parts Ways with Co-Founder Rushi Manche Amid MOVE Token Controversy
Movement Labs, the company behind the Movement network, has officially severed ties with Rushi Manche, its co-founder, following the revelation of undisclosed deals tied to its MOVE token.
The company made the announcement via its X account on Tuesday, stating: “Movement Labs has terminated Rushi Manche’s employment and all affiliations with the company effective immediately.” No replacement has been named yet, nor has the firm provided specifics on upcoming changes to its governance structure.
“Movement Labs has terminated Rushi Manche. Movement will continue under different leadership. Details on leadership changes and a revamped governance structure will be coming soon,” the statement read.
This move follows a CoinDesk report that uncovered secret agreements between Movement-linked entities and market makers during the MOVE token launch. According to the report, hidden payment flows, shadow advisors, and undisclosed token allocations were involved in the project’s early stages. Rushi Manche was directly connected to these arrangements, based on internal documents and investor correspondence reviewed by CoinDesk.
Manche was first suspended on May 2, shortly after Coinbase delisted the MOVE token, a decision that came amid growing community concerns over the company’s behind-the-scenes operations and its governance structure.
Since the announcement of Manche’s termination, the price of MOVE has dropped by 8.5% in the past 24 hours, with a larger 35% decline over the last week.
