Movement Labs Cuts Ties with Co-Founder Rushi Manche Following MOVE Token Controversy

Movement Labs has announced the termination of its co-founder Rushi Manche, following allegations of undisclosed financial deals tied to the company’s MOVE token. The decision comes after internal investigations revealed the extent of these transactions, leading the company to distance itself from Manche.

In a statement shared on Tuesday, Movement Labs confirmed that Rushi Manche’s association with the company had been officially ended. The firm emphasized that the move was necessary to maintain transparency and uphold its commitment to governance standards.

“Movement Labs has severed ties with Rushi Manche following recent developments related to undisclosed transactions involving the MOVE token,” the statement said. “We are committed to upholding the integrity of our operations and ensuring full transparency for our investors and stakeholders.”

The controversy surrounding MOVE token came to light when CoinDesk reported on secret deals between Movement-linked entities and third-party market makers. These transactions, which were not disclosed to the public or investors, raised concerns regarding the token’s legitimacy and governance.

Rushi Manche had been at the center of the project’s early stages, and the fallout from these revelations led to his suspension earlier this month. The price of MOVE token has fallen by 10% since the termination announcement, continuing its downward trajectory amid the ongoing scrutiny.