Movement Labs Suspends Co-founder Over MOVE Token Controversy

Movement Labs has suspended co-founder Rushi Manche in the wake of a market-making scandal involving the MOVE token. This action follows Coinbase’s recent delisting of the token from its trading platform and amidst accusations of illegitimate market-making activity. 2023 saw the company come under scrutiny for signing a market-making contract with Rentech, which was later revealed to be misrepresented as a subsidiary of Web3Port, a separate entity without an online presence. The report suggests that this arrangement gave Rentech control over around 5% of MOVE’s supply and incentives to inflate its price before dumping it for profit.