Movement Labs Ends Partnership with Rushi Manche After MOVE Token Deal Exposé
Movement Labs has officially severed ties with Rushi Manche, its co-founder, following revelations of undisclosed deals tied to the MOVE token. The company confirmed the decision on Tuesday, citing concerns about the integrity of its operations.
In a brief statement, Movement Labs announced: “After thorough internal discussions, we have decided to terminate Rushi Manche’s association with the company, effective immediately. This follows recent findings about undisclosed financial arrangements involving the MOVE token.”
The termination comes after a CoinDesk report uncovered secret transactions between Movement Labs and third-party market makers in connection with the MOVE token launch. These undisclosed deals, which were not shared with the public or investors, have raised significant concerns among stakeholders regarding the transparency and governance of the project.
Manche was a central figure in the development and launch of the MOVE token, and his removal marks a major shift in the company’s direction. Movement Labs has yet to announce a new leadership structure but has committed to enhancing its governance protocols moving forward.
In the wake of the announcement, MOVE token experienced an immediate drop in price, falling by 7% in the 24 hours following the news. The token has now lost 25% of its value over the past week, as investors react to the uncertainty surrounding the project’s leadership.
