Movement Labs Temporarily Suspends Rushi Manche Amid Coinbase Delisting, Token Dump Scandal
The reason for the suspension of Movement Labs was given as “current events.”
Sam Reynolds | Edited by Aoyon Ashraf Updated May 2, 2025, 7:46 PM Published May 2, 2025, 3:16 AM
What you should know:
- Movement Labs has suspended co-founder Rushi Manche amid ongoing investigations into the organization's governance.
- Coinbase has suspended trading of the MOVE token following reports that the market maker was involved in a token dump.
- The price of the MOVE token has fallen more than 20% after Binance banned the market maker Web3Port involved.
Today, X Movement Labs announced the suspension of Rusha Manche.
The decision to suspend Manche's activities comes after the MOVE token was delisted by Coinbase after CoinDesk reported on Movement Labs' investigation into how a market maker affiliated with Web3Port acquired and dumped more than 5% of the token's supply, causing the price to plummet.
We confirm that Rushi Manche has been removed from Movement Labs. This decision comes as a result of current events as Groom Lake continues to undergo a third-party review into organizational governance and recent incidents involving the market maker.
— Movement (@movementlabsxyz) May 2, 2025
Binance previously banned market maker Web3Port, a key player in the situation, from accessing its platform.
According to CoinDesk, the MOVE token has fallen in price by about 20% in a day.
