0
0
News

Movement Labs Suspends Co-Founder Amid Token Dumping Scandal

The startup placed Rushi Manche on suspension 'in light of ongoing events' amid a third party investigation.
0
0
May 2, 2025 • 1 min read

Movement Labs suspends its co-founder over allegations of token dumping, sparking a significant price drop for the MOVE token and heightened scrutiny over governance practices.

What’s the Scoop?

  • Co-Founder Suspended: Movement Labs has suspended Rushi Manche, co-founder of Movement Network, due to allegations surrounding an illegitimate market-making scandal.
  • Token Dump Allegations: A market-making entity allegedly dumped $38 million of MOVE tokens shortly after their public airdrop in December, tanking the token's value.
  • Third-Party Investigation: Movement Labs hired Groom Lake to conduct a third-party review on governance and the market maker's role in the controversy.
  • Token Price Plunge: MOVE token has seen a steep 22% drop in value within the past 24 hours, now trading at $0.1960—86% below its December highs.

Not financial or tax advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. This newsletter is not tax advice. Talk to your accountant. Do your own research.

Disclosure. From time-to-time I may add links in this newsletter to products I use. I may receive commission if you make a purchase through one of these links. Additionally, the Bankless writers hold crypto assets. See our investment disclosures here.

Published in Bankless

There’s a revolution in the world of money. Ethereum, Bitcoin, crypto, open finance, DeFi—a bankless revolution. And you want part of it.