Movement Labs, the development firm steering the Movement network, has taken a significant step by severing ties with co-founder Rushi Manche. This decision comes in the wake of escalating controversy surrounding undisclosed agreements involving MOVE tokens.
The official announcement was made via the company’s X account early Tuesday, stating, “Movement Labs has terminated Rushi Manche’s employment and all affiliations with the company effective immediately.” As of now, the company has not disclosed a successor or detailed the forthcoming steps regarding governance restructuring.
This decision follows a revealing report by CoinDesk, which unveiled secret agreements between entities linked to Movement and market makers during the project’s token launch. The report highlighted the presence of shadow advisors, concealed payment flows, and unreported token allocations that marked the debut of MOVE.
According to internal documents and investor correspondence reviewed by CoinDesk, Manche’s involvement was directly associated with these controversial arrangements. On May 2, just days after Coinbase decided to delist the MOVE token, Manche was initially suspended—a move prompted by growing community concern regarding the company’s operational transparency and governance.
In response to these developments, the prices of MOVE tokens have seen a significant downturn, with a reported decline of 8.5% in the past 24 hours—largely attributed to Manche’s termination. Over the past week, the token’s value has plummeted by 35%.
As Movement Labs navigates through this turbulent phase, stakeholders will be watching closely to see how the firm addresses leadership changes and strives to regain community trust.
