Movement Labs has confirmed the suspension of its co-founder, Rushi Manche, citing “ongoing events” and the continuation of a third-party review related to recent incidents.
The suspension comes as Coinbase removed the MOVE token from its platform, following reports by CoinDesk that Movement Labs is probing how a market maker associated with Web3Port acquired and dumped over 5% of MOVE’s total supply, causing a significant price drop.
In a statement shared on X, Movement Labs confirmed the decision:
“We confirm that Rushi Manche has been suspended from Movement Labs. This decision was made in light of ongoing events and as the third-party review is still being conducted by Groom Lake regarding organizational governance and recent incidents involving a market maker.”
The market maker in question, Web3Port, had previously been banned by Binance.
As of the latest data from CoinDesk, the MOVE token has fallen approximately 20% on the day.
