Movement Labs Suspends Rushi Manche Amid Coinbase Delisting, Token-Dumping Scandal | Breaking Crypto News & Blockchain Updates

Movement Labs Suspends Rushi Manche Amid Coinbase Delisting, Token-Dumping Scandal — Movement Labs announced today on X that it had suspended co-founder Rushi Manche. The move to suspend Manche comes as Coinbasedelisted the MOVE token,...

Movement Labs announced today on X that it had suspended co-founder Rushi Manche.

The move to suspend Manche comes as Coinbasedelisted the MOVE token, after CoinDesk reported that Movement Labs isinvestigatinghow a market maker tied to Web3Port acquired and dumped over 5% of the token’s supply, triggering a price crash.

We confirm that Rushi Manche has been suspended from Movement Labs. This decision was made in light of ongoing events and as the third-party review is still being conducted by Groom Lake regarding organizational governance and recent incidents involving a market maker.

Binance had previously banned the market maker at the center of this, Web3Port, from its platform.

The MOVE token is down about 20% on the day,according to CoinDesk market data.

Sam Reynolds is a senior reporter based in Asia. Sam was part of the CoinDesk team that won the 2023 Gerald Loeb award in the breaking news category for coverage of FTX's collapse. Prior to CoinDesk, he was a reporter with Blockworks and a semiconductor analyst with IDC.

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