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Movement Labs Suspends Rushi Manche Amid Coinbase Delisting, Token-Dumping Scandal
Movement Labs cites 'ongoing events' as the reason for suspension.
What to know:
- Movement Labs has suspended co-founder Rushi Manche amid ongoing investigations into organizational governance.
- Coinbase has suspended trading of the MOVE token following a report of a market maker's involvement in a token dump.
- The MOVE token's value has dropped over 20% after Binance banned the implicated market maker, Web3Port.
Movement Labs announced today on X that it had suspended co-founder Rushi Manche.
The move to suspend Manche comes as Coinbase delisted the MOVE token, after CoinDesk reported that Movement Labs is investigating how a market maker tied to Web3Port acquired and dumped over 5% of the token’s supply, triggering a price crash.
STORY CONTINUES BELOW
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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.
— Movement (@movementlabsxyz) May 2, 2025
Binance had previously banned the market maker at the center of this, Web3Port, from its platform.
The MOVE token is down about 20% on the day, according to CoinDesk market data.
Sam Reynolds
Sam Reynolds is a senior reporter based in Asia. Sam was part of the CoinDesk team that won the 2023 Gerald Loeb award in the breaking news category for coverage of FTX's collapse. Prior to CoinDesk, he was a reporter with Blockworks and a semiconductor analyst with IDC.
