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4w ago

Movement Labs Suspends Co-Founder as MOVE Token Faces Trading Bans and Price Plunge

Rushi Manche's suspension follows Coinbase's decision to halt MOVE trading on May 15 and a third-party audit into governance failures tied to a token-dumping scandal.

(Rushi Manche/Danny Nelson)

Overview

  • Movement Labs has suspended co-founder Rushi Manche, citing ongoing governance investigations and recent events involving a token-dumping scandal.
  • Coinbase has placed the MOVE token in limit-only mode and plans to fully suspend trading by May 15, 2025, after a review of its listing standards.
  • The MOVE token's value has dropped approximately 20% following Coinbase's announcement and Binance's earlier ban of market maker Web3Port.
  • Movement Labs is conducting a third-party review, led by Groom Lake, to investigate governance failures and the role of Web3Port in dumping over 5% of MOVE's supply.
  • Binance previously banned Web3Port after $38 million worth of MOVE tokens tied to the market maker were liquidated, triggering significant price declines.