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Movement Labs Suspends Co-Founder Amid Token Dumping Scandal

The startup placed Rushi Manche on suspension 'in light of ongoing events' amid a third party investigation.
Movement Labs Suspends Co-Founder Amid Token Dumping Scandal
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Movement Movement Labs suspends its co-founder over allegations of token dumping, sparking a significant price drop for the MOVE token and heightened scrutiny over governance practices.

What’s the Scoop?

  • Co-Founder Suspended: Movement Labs has suspended Rushi Manche, co-founder of Movement Network, due to allegations surrounding an illegitimate market-making scandal.
  • Token Dump Allegations: A market-making entity allegedly dumped $38 million of MOVE tokens shortly after their public airdrop in December, tanking the token's value.
  • Third-Party Investigation: Movement Labs hired Groom Lake to conduct a third-party review on governance and the market maker's role in the controversy.
  • Token Price Plunge: MOVE token has seen a steep 22% drop in value within the past 24 hours, now trading at $0.1960—86% below its December highs.


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