Movement Labs Suspends Co-Founder Amid Market-Making Scandal


Movement Labs has suspended co-founder Rushi Manche following the controversy surrounding alleged $MOVE token dumping by a market maker.


The decision comes as #Coinbase announced it will suspend all trading of the $MOVE token starting May 15.

According to Binance's March findings, a market maker allegedly sold 66 million $MOVE tokens, netting 38 million $USDT in profit.


Reports suggest Movement Labs signed an agreement with Rentech, misrepresented as a Web3Port subsidiary but apparently a separate entity with no digital presence.


Contracts revealed Rentech controlled approximately 5% of $MOVE's supply with incentives to inflate the token's price to a $5 billion valuation before dumping it.


$MOVE has fallen 19.9% over 24 hours to trade at $0.2, with a market capitalization of $501.4 million.

image
May 02, 2025 at 2:13 PM
48
2