Movement Labs Suspends Co-founder After Market Maker Controversy

Movement Labs has suspended its co-founder, Rushi Manche, following accusations of impropriety related to a market maker deal. The decision follows the recent suspension of the Movement Network (MOVE) trading by Coinbase, citing the token’s failure to meet listing standards. **The news comes after private investigation firm Groom Lake initiated an inquiry into an agreement orchestrated by Manche with Rentech.** This agreement involved a collaboration with market maker Web3Port that resulted in a sale of 66 million MOVE tokens, about 5% of the total supply. This move triggered price pressure, leading to $38 million in losses in December 2024.