Movement Labs Suspends Rushi Manche Following Coinbase Delisting and Token Dumping Controversy

Movement Labs has made an announcement regarding the suspension of co-founder Rushi Manche, as communicated through their social media platform.

This decision follows the delisting of the MOVE token by Coinbase. The delisting was prompted by an investigation into the actions of a market maker associated with Web3Port, who was reported to have acquired and subsequently sold over 5% of the token’s total supply, resulting in a significant drop in its price.

In a tweet, Movement Labs confirmed the suspension, stating it was necessary due to the ongoing investigation by Groom Lake into matters of organizational governance and incidents linked to the market maker.

Previously, Binance had prohibited Web3Port, the market maker involved in this situation, from using its platform.

According to current market data, the MOVE token has experienced a decline of approximately 20% within the day.