Movement Labs has placed Rushi Manche on suspension following the emergence of serious allegations related to token dumping and the recent delisting of its MOVE token from Coinbase.
The controversy stems from claims that significant amounts of MOVE tokens were sold off at inflated prices, triggering a major market downturn and prompting Coinbase to remove the token from its platform. This has led to a wave of investor concern, causing a 20% drop in the token’s value since the delisting.
In a formal announcement, Movement Labs assured that an internal investigation is underway and reiterated its commitment to maintaining the highest standards of compliance and market integrity. The company stressed that it is fully cooperating with regulatory authorities to address the situation.
The suspension of Manche marks a critical moment for the company, as it works to recover from the reputational damage and to restore confidence among stakeholders.
