Movement Labs Halts Co-founder Amid Market Maker Scandal, MOVE Plunges 20%

Movement Labs has suspended co-founder Rushi Manche amidst a market making scandal involving one of its former market makers. The suspension comes after Coinbase delists Movement (MOVE) trading pairs on May 15th following the company’s failure to meet listing standards. This follows a December token dump, allegedly orchestrated by a market maker who sold 66 million MOVE tokens for an estimated profit of 38 million Tether (USDT). Rentech, falsely presented as affiliated with Web3Port, appears to be an independent shell entity behind the manipulation.