Movement Labs, the developer behind the Movement network, has fired co-founder Rushi Manche after reports surfaced of undisclosed token agreements and a problematic market-making deal with Rentech. The scandal, which involved questionable allocations and hidden advisor payments, led to a sharp decline in the MOVE token’s value, hitting an all-time low of $0.1566. Manche admitted to lapses in judgment but denied personal profiting, while internal documents revealed concerns from the foundation’s general counsel about the deal’s recklessness. The token’s price has plummeted 34.9% in a week, contrasting with the broader crypto market’s gains.
about Movement Labs Cuts Ties with Co-Founder Amid Token ScandalRushi Manche
0 posts last weekMovement Labs Rebrands Amid MOVE Token Plunge
Movement Labs has undergone a major restructuring, rebranding as Move Industries after terminating co-founder Rushi Manche following an investigation into suspicious market activity involving the MOVE token. The token’s price crashed after a December 2024 dump, prompting a $38 million buyback initiative and the hiring of blockchain intelligence firm Groom Lake. New leadership, including CEO Torab Torabi and President Will Gaines, aims to restore trust by refocusing on community engagement and technological development. Meanwhile, MOVE has lost 87% of its value since its all-time high, leading Binance to flag it as high-risk. The exchange warned of potential delisting if the token fails to meet listing criteria.
about Movement Labs Rebrands Amid MOVE Token PlungeMovement Labs Fires Co-Founder Amid Market Maker Controversy
Movement Labs has officially terminated co-founder Rushi Manche after a market maker agreement he brokered with Rentech and Web3Port sparked controversy and sharp price declines. The project confirmed the decision in a May 7 X post, stating it would continue under new leadership while hinting at governance updates. This follows Manche’s earlier suspension and Coinbase’s delisting of the MOVE token for failing to meet exchange standards, compounding the project’s challenges.
about Movement Labs Fires Co-Founder Amid Market Maker ControversyMovement Labs Cuts Ties with Co-Founder Amid Token Dump Crisis
Movement Labs has severed ties with co-founder Rushi Manche after a 66 million MOVE token dump by market maker Rentech triggered a governance crisis. The new entity, Move Industries, led by CEO Torab Torabi and President Will Gaines, aims to restore transparency and governance. MOVE’s price has plummeted 34% this week, with Binance freezing $38 million in proceeds and Coinbase suspending trading. Move Industries assures that ongoing initiatives like MoveDrop and DeFi Spring will continue, with a community AMA scheduled to address concerns.
about Movement Labs Cuts Ties with Co-Founder Amid Token Dump CrisisMovement Labs Suspends Co-Founder Amid Market Maker Controversy
Movement Labs suspended co-founder Rushi Manche after a market maker deal he facilitated sparked controversy, leading to an external investigation and Coinbase’s delisting of the MOVE token. The suspension, announced on May 2 via X, followed Coinbase’s decision to halt MOVE trading, citing non-compliance with listing standards. The probe, conducted by private intelligence firm Groom Lake, focuses on Manche’s agreement with Rentech and market maker Web3Port. The incident highlights governance risks in crypto projects and the impact of regulatory scrutiny on token listings.
about Movement Labs Suspends Co-Founder Amid Market Maker ControversyCoinbase Delisting Sends MOVE Token to All-Time Low
The MOVE token, native to the Ethereum-based Movement Network, plummeted to an all-time low of $0.18 following Coinbase’s decision to delist it, citing failure to meet listing standards. The token’s value has dropped over 50% in the past month and nearly 84% from its December 2024 peak. Movement Labs suspended co-founder Rushi Manche amid an investigation into suspicious market-making activities linked to a token dump. Binance froze funds tied to an unnamed market maker, later identified as Web3Port, which offloaded 66 million MOVE tokens. Movement Network Foundation launched a $38 million buyback initiative to restore trust. Manche expressed disappointment, blaming bad actors and shadow advisors for the project’s downfall while denying personal involvement in token sales.
about Coinbase Delisting Sends MOVE Token to All-Time LowMovement Labs Suspends Co-Founder Amid Token Dump Scandal
Movement Labs, a closely watched Ethereum layer-2 startup, is facing turmoil after suspending co-founder Rushi Manche over a governance probe tied to a 66 million MOVE token dump. The tokens were sold by Rentech, which allegedly posed as a Web3Port affiliate but misrepresented its role. Internal documents reveal legal concerns were ignored, and the deal was approved despite warnings. Binance later froze $38 million in profits from the dump, accusing Rentech of market manipulation. Coinbase has also announced it will suspend MOVE trading, causing the token’s price to plummet. A third-party audit by Groom Lake is underway to investigate Manche’s role in the deal.
about Movement Labs Suspends Co-Founder Amid Token Dump ScandalRussian Nationals Arrested in Thailand for Global Ransomware Attacks
Four Russian nationals were arrested in Phuket for their involvement in global ransomware attacks using Phobos, targeting 17 Swiss companies and nearly 1,000 victims, resulting in losses of around $16 million in Bitcoin. The operation was a collaborative effort involving law enforcement from 14 countries, including the US and UK. In response to rising cyber threats, Thailand is considering regulatory changes to enhance cybersecurity and explore the legalization of online gambling to boost economic growth.
about Russian Nationals Arrested in Thailand for Global Ransomware AttacksMovement Network Launches MOVE Token Amid Trump-Linked DeFi Activity
MOVE, the utility token of the Ethereum layer-2 network Movement, surged to $0.89 after World Liberty Financial, a DeFi platform linked to Donald Trump, purchased $1.9 million worth. Despite a slight retracement, MOVE remains up 7% on the day, leading the top 100 tokens tracked by CoinGecko.The Movement Network Foundation recently launched MOVE with an $830 million airdrop, while World Liberty Financial also acquired $47 million in Wrapped Bitcoin. Amidst these developments, rumors surfaced about Movement Labs potentially collaborating with Elon Musk’s Department of Government Efficiency to explore blockchain applications for transparency in government spending.
about Movement Network Launches MOVE Token Amid Trump-Linked DeFi ActivityDecentralized Infrastructure Networks Seek Cohesive Narrative for Mass Adoption
Decentralized physical infrastructure networks (DePIN) face challenges in achieving mass adoption due to a lack of cohesive narratives and diverse technical use cases, according to Movement Labs co-founder Rushi Manche. Despite these hurdles, optimism remains high, particularly with anticipated regulatory clarity in the U.S. and the potential for significant developments in the sector by 2025. DePIN encompasses various applications, including decentralized telecommunications and cloud storage, with projects like Helium and Functionland leading the charge in disrupting traditional services.
about Decentralized Infrastructure Networks Seek Cohesive Narrative for Mass AdoptionMovement Labs Raises 100 Million Dollars Valued at 3 Billion Dollars
Movement Labs has secured a $100 million venture capital round, achieving a valuation of $3 billion, positioning it among blockchain unicorns. The company recently launched its Ethereum Layer-2 mainnet and introduced the MOVE token, which facilitates faster transaction settlements through a mechanism called “postconfirmations,” reducing confirmation times to under one second. Utilizing the Move programming language, Movement Labs aims to enhance transaction throughput while maintaining security on Ethereum.
about Movement Labs Raises 100 Million Dollars Valued at 3 Billion Dollars