Movement Labs announced today on X that it had suspended co-founder Rushi Manche.
The move to suspend Manche comes as Coinbase delisted the MOVE token.
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.
— Movement (@movementlabsxyz) May 2, 2025
Coinbase moved to suspend trading of MOVE following a report by CoinDesk that revealed Movement Labs is investigating how a market maker tied to Web3Port acquired and dumped over 5% of the token’s supply, triggering a price crash.
Binance had previously banned the market maker at the center of this, Web3Port, from its platform.
The MOVE token is down over 20% on-day, according to market data.
