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Movement Labs Suspends Rushi Manche Amid Coinbase Delisting, Token-Dumping Scandal

Movement Labs cites 'ongoing events' as the reason for suspension.

Updated May 2, 2025, 7:46 p.m. Published May 2, 2025, 3:16 a.m.

(Rushi Manche/Danny Nelson) — Movement Labs co-founder Rushi Manche (pictured) was suspended this week following a CoinDesk investigation into MOVE token deals that experts said incentivized market manipulation. (Danny Nelson)

What to know:

Movement Labs has suspended co-founder Rushi Manche amid ongoing investigations into organizational governance.
Coinbase has suspended trading of the MOVE token following a report of a market maker's involvement in a token dump.
The MOVE token's value has dropped over 20% after Binance banned the implicated market maker, Web3Port.

Movement Labs announced today on X that it had suspended co-founder Rushi Manche.

The move to suspend Manche comes as Coinbase delisted the MOVE token, after CoinDesk reported that Movement Labs is investigating how a market maker tied to Web3Port acquired and dumped over 5% of the token’s supply, triggering a price crash.

STORY CONTINUES BELOW

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We confirm that Rushi Manche has been suspended from Movement Labs. This decision was made in light of ongoing events and as the third-party review is still being conducted by Groom Lake regarding organizational governance and recent incidents involving a market maker.
— Movement (@movementlabsxyz) May 2, 2025