Rushi Manche Temporarily Removed from Movement Labs Amid Coinbase Controversy and Token-Dumping Scandal

Movement Labs has officially suspended its co-founder, Rushi Manche, as part of an ongoing investigation into recent allegations surrounding token dumping and the delisting of MOVE from Coinbase.

The move comes after reports surfaced that a market maker linked to Movement Labs, Web3Port, had offloaded a significant portion of MOVE tokens, reportedly more than 5% of the total supply. This action led to a dramatic price drop, prompting Coinbase to remove MOVE from its platform.

In a statement, Movement Labs expressed their commitment to transparency:

“Rushi Manche has been temporarily suspended pending an internal review. This decision follows recent events involving a third-party market maker and a price manipulation issue that is currently under investigation.”

Web3Port, the market maker involved, has previously faced sanctions from other platforms, including Binance.

MOVE’s price has dropped sharply by 20% following the delisting and the investigation’s unfolding.