Movement Labs Suspends Rushi Manche as Coinbase Delisting and Token-Dumping Scandal Unfolds

Movement Labs has suspended co-founder Rushi Manche in light of serious allegations involving token dumping and the recent delisting of its MOVE token from Coinbase.

The suspension follows reports that significant quantities of MOVE tokens were sold off, leading to considerable market disruption and raising concerns among investors. The delisting by Coinbase has added further scrutiny to the situation, with the company now facing pressure from both regulators and the community.

In a statement, Movement Labs confirmed the suspension and said it is “taking swift action to investigate the allegations” and to “reaffirm our commitment to transparency and integrity.”

Since the delisting, MOVE has experienced a sharp decline in value, plunging by 20%. Movement Labs has vowed to cooperate with all relevant parties to resolve the issues and restore investor confidence.