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Movement Labs has severed ties with co-founder Rushi Manche following revelations of undisclosed token deals and a controversial market-making agreement. The fallout has sent the MOVE token to an all-time low, raising questions about governance and transparency.
- Movement Labs terminated co-founder Rushi Manche due to undisclosed token deals and a flawed market-making agreement with Rentech.
- The MOVE token crashed to an all-time low of $0.1566, down 34.9% in a week amid the scandal.
- Internal documents revealed concerns about the Rentech deal, described as 'the worst deal I have ever seen' by the foundation's general counsel.
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