Movement Labs Fires Founder Rushi Manche Following CoinDesk Exposure
Movement Labs Ends Partnership With Rushi Manche Following MOVE Token Deals
He has yet to choose a replacement and determine the next steps in reforming governance.
Shaurya Malwa | Edited by Parikshit Mishra May 7, 2025, 5:50 AM
What you need to know:
- Movement Labs has ended its partnership with co-founder Rushi Manche following undisclosed MOVE token transactions.
- The decision came after a CoinDesk report revealed confidential agreements and hidden advisers associated with the project.
- MOVE token prices have fallen significantly, down 8.5% in the last 24 hours since Manche's departure.
Movement Labs, the developer of the Movement network, has officially ended its partnership with co-founder Rushi Manche following a scandal involving undisclosed MOVE token transactions.
The announcement was made Tuesday morning via the company's X account, which stated that “Movement Labs has terminated its employment with Rushi Manche and all ties to the company effective immediately.”
He has yet to choose a replacement and determine the next steps in reforming governance.
Movement Labs has ceased operations of Rushi Manche. The movement will continue under new leadership.
Details of the leadership changes and updated management structure will be available soon.
— Movement (@movementlabsxyz) May 7, 2025
The decision comes after a CoinDesk report revealed for the first time secret agreements between Movement-affiliated organizations and market makers during the project's token launch.
CoinDesk reported the presence of hidden advisers, hidden payment streams, and undisclosed token distributions around MOVE’s debut. Manche was directly involved in these agreements, according to internal documents and investor emails reviewed by CoinDesk.
Manche was initially suspended on May 2, shortly after Coinbase delisted the MOVE token. The delisting came amid growing pressure from the community over how the company operates behind the scenes and how it manages the project.
MOVE prices have fallen 8.5% in the last 24 hours, much of the decline coming after Manche went dark. The token has lost 35% in the last week.
