1 month ago
Movement Labs cites 'ongoing events' arsenic the crushed for suspension.
Updated May 2, 2025, 3:49 a.m. Published May 2, 2025, 3:16 a.m.
What to know:
- Movement Labs has suspended co-founder Rushi Manche amid ongoing investigations into organizational governance.
- Coinbase has suspended trading of the MOVE token pursuing a study of a marketplace maker's engagement successful a token dump.
- The MOVE token's worth has dropped implicit 20% aft Binance banned the implicated marketplace maker, Web3Port.
Movement Labs announced contiguous connected X that it had suspended co-founder Rushi Manche.
The determination to suspend Manche comes arsenic Coinbase delisted the MOVE token, aft CoinDesk reported that Movement Labs is investigating however a marketplace shaper tied to Web3Port acquired and dumped implicit 5% of the token’s supply, triggering a terms crash.
We corroborate that Rushi Manche has been suspended from Movement Labs. This determination was made successful airy of ongoing events and arsenic the third-party reappraisal is inactive being conducted by Groom Lake regarding organizational governance and caller incidents involving a marketplace maker.
— Movement (@movementlabsxyz) May 2, 2025Binance had antecedently banned the marketplace shaper astatine the halfway of this, Web3Port, from its platform.
The MOVE token is down astir 20% connected the day, according to CoinDesk marketplace data.
Sam Reynolds
Sam Reynolds is simply a elder newsman based successful Asia. Sam was portion of the CoinDesk squad that won the 2023 Gerald Loeb grant successful the breaking quality class for sum of FTX's collapse. Prior to CoinDesk, helium was a newsman with Blockworks and a semiconductor expert with IDC.
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