Movement Labs has placed co-founder Rushi Manche on suspension following accusations of token dumping and the delisting of its MOVE token from Coinbase, sources report.

This suspension comes after a series of allegations that a significant portion of MOVE tokens was being offloaded, causing major volatility in its price. The actions led to the token’s removal from Coinbase, a major blow to Movement Labs’ credibility in the crypto space.

“Due to recent developments involving the MOVE token and the subsequent actions taken by exchanges, we have decided to suspend Rushi Manche while we investigate the situation thoroughly,” the company stated. “Our priority is to ensure the integrity of our project and to address any issues promptly.”

The MOVE token has seen a significant 18% drop in value since the delisting and accusations began to surface. The company is reportedly working with legal and regulatory authorities to resolve the matter.