Rushi Manche Leaves Movement Labs After MOVE Token Transactions

Movement Labs Ends Partnership with Rushi Manche Following MOVE Token Deal Revelations

Movement Labs has officially parted ways with co-founder Rushi Manche after a series of controversial deals tied to the MOVE token came to light. The company confirmed the split on Tuesday, citing internal issues surrounding undisclosed agreements linked to the token’s early market activities.

In a statement released via its official channels, Movement Labs stated: “We have terminated Rushi Manche’s involvement with the company. This decision follows recent findings regarding undisclosed token deals that raise concerns about transparency and compliance.”

Rushi Manche, who had played a pivotal role in the launch and development of MOVE token, was implicated in undisclosed financial arrangements, which reportedly included dealings with market makers and undisclosed advisory roles in the token’s early issuance. These revelations were first uncovered by CoinDesk, sparking investor concern and regulatory scrutiny.

Movement Labs indicated that this move marks a shift in leadership, but offered little insight into the specific steps the company will take moving forward. The firm assured stakeholders that a new leadership structure will be introduced soon, alongside renewed focus on compliance and transparency.

Following the announcement, the price of MOVE token dropped by 8% over the course of the next 24 hours, continuing a broader downtrend that had seen the token fall by 25% in the previous week.