Movement Labs Removes Rushi Manche from His Position, Focuses on Building a New Company
Jakarta, Pintu News—Rushi Manche’s dismissal as Movement Labs CEO has shaken the blockchain industry after revelations of market manipulation involving the MOVE token. This incident triggered a drop in the token’s price and several major crypto exchanges suspended trading.
Check out the full news below!
Movement Labs CEO dismissal
Rushi Manche, CEO and co-founder of Movement Labs, has been fired from his position after being found to be involved in market manipulation of the MOVE token. This decision comes after Coinbase announced the suspension of MOVE token trading, which instantly sparked widespread concern in the crypto community.
An investigation conducted by CoinDesk revealed that Manche had violated the limits of his authority by pushing through a deal with a market maker despite objections from the company’s compliance team. Binance, one of the largest crypto exchanges, has also decided to suspend the HODLer Airdrop program for MOVE tokens.
This decision was taken to wait for Movement Labs to provide greater transparency regarding the situation. Tokens that would have been distributed through this program will be held in a public wallet to ensure transparency to the community.
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Controversy and Impact on the Market
The scandal not only resulted in the removal of the CEO but also caused a drastic drop in the price of MOVE tokens in the market. Movement Labs has announced a token buyback program to limit investor losses and restore community confidence.
In addition, the company also pledged to continue internal investigations to clarify the responsibilities of all parties involved, ensuring transparency and accountability going forward.
Coinbase’s suspension of trading and Binance’s decision to suspend its airdrop program have raised further concerns among investors and users. Both exchanges emphasized the importance of user protection and transparency standards as their top priorities, and will continue to monitor the development of this situation.
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Next Steps for Movement Labs
Despite facing a major scandal, Movement Labs plans to continue operating under new leadership. The company will soon announce details about the updated organizational structure and the strategic direction of the project going forward. This move will restore trust and stability in Movement Labs’ operations.
These updates are crucial for Movement Labs’s future, given the importance of trust and integrity in the blockchain industry. Investors and users are expected to watch for further announcements from the company to stay up-to-date on the changes and improvements that will be made.
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Reference
- NFTEvening. Movement Labs CEO Got Fired for Malicious Activities. Accessed on May 8, 2025
- Cointelegraph. Movement Labs Terminates Co-Founder Over Market Turmoil. Accessed on May 8, 2025
- Coindesk. Movement Labs Terminates Rushi Manche After Move Token Deals. Accessed on May 8, 2025
- Featured Image: Movement Network
