In a significant development within the cryptocurrency landscape, Movement Labs announced today on X that it has suspended co-founder Rushi Manche. This decision comes on the heels of recent turbulence surrounding the MOVE token, which has faced severe market backlash.
Just hours before the announcement, Coinbase made headlines by delisting the MOVE token. The exchange’s decision was prompted by reports from CoinDesk detailing an investigation into Movement Labs’ dealings, which include allegations concerning a market maker connected to Web3Port. This entity is reportedly under scrutiny for acquiring and subsequently dumping over 5% of the token’s supply, an action that precipitated a sharp price decline.
Additionally, it is worth noting that Binance had previously taken action against Web3Port, banning it from its platform due to similar concerns. Traders and investors alike have been monitoring this situation closely, as the MOVE token has witnessed a dramatic plunge, currently down approximately 20% on the day, as per the latest CoinDesk market data.
The future of Movement Labs and its offerings remains uncertain as the investigation unfolds. Stakeholders and observers are urged to stay informed as further developments are anticipated in the coming days.
