Share this article
Movement Labs Terminates Rushi Manche After MOVE Token Deals
It has yet to name a replacement or outline next steps for governance restructuring.
May 7, 2025, 5:50 a.m.
What to know:
- Movement Labs has severed ties with co-founder Rushi Manche following undisclosed MOVE token deals.
- The decision was made public after a CoinDesk report exposed secret agreements and hidden advisors linked to the project.
- MOVE token prices have dropped significantly, with an 8.5% decline in the past 24 hours following Manche's termination.
In this article
Movement Labs, the development firm of the Movement network, has officially cut ties with co-founder Rushi Manche following controversy surrounding undisclosed MOVE token deals.
The announcement came via the company’s X account early Tuesday, stating that “Movement Labs has terminated Rushi Manche’s employment and all affiliations with the company effective immediately.”
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
It has yet to name a replacement or outline next steps for governance restructuring.
Loading...
Advertisement
The decision follows a CoinDesk report that first revealed secret agreements between Movement-linked entities and market makers during the project’s token launch.
CoinDesk reported the existence of shadow advisors, hidden payment flows, and undisclosed token allocations surrounding MOVE’s debut. Manche was directly tied to those arrangements, according to internal documents and investor correspondence reviewed by CoinDesk.
Manche was initially suspended on May 2, shortly after Coinbase delisted the MOVE token. The delisting followed mounting community pressure on how the company operates behind-the-scenes and project governance.
MOVE prices are down 8.5% in the past 24 hours, a bulk of the slide coming after Manche’s termination. The token is down 35% in the past week.
Lebih untuk Anda
Lebih untuk Anda
Bitcoin Jumps to $99K as Spiking Coinbase Premium Points to Strong U.S. Buying
Spot BTC prices were at times $300 pricier on Coinbase relative to Binance, suggesting the rally may be driven by heavy demand from American investors.
Yang perlu diketahui:
- Bitcoin surged towards $100,000 on Wednesday's U.S. trading session, gaining 3.2% in the past 24 hours.
- The rally coincided with significant spot BTC price premium on Coinbase.
- Fed Chair Jerome Powell called bitcoin a competitor to gold during a panel discussion.
Top Stories
