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Movement Labs, a prominent Ethereum layer-2 startup, has suspended co-founder Rushi Manche amid a governance probe linked to a controversial token dump. The scandal involves 66 million MOVE tokens sold by Rentech, allegedly misrepresenting itself as a Web3Port affiliate.
- Movement Labs suspended co-founder Rushi Manche amid a governance probe linked to a 66 million MOVE token dump by Rentech.
- Binance froze $38 million in profits from the dump, accusing Rentech of market manipulation, while Coinbase plans to suspend MOVE trading.
- A third-party audit is investigating Manche's involvement in the controversial deal, which was approved despite legal warnings.
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