Rushi Manche Terminated by Movement Labs After MOVE Token Arrangements

Movement Labs Terminates Rushi Manche’s Role Amid MOVE Token Deal Disclosures

Movement Labs has officially ended its partnership with Rushi Manche, the company’s co-founder, after internal revelations surrounding undisclosed deals related to the MOVE token. The company made the announcement on Tuesday, citing concerns over transparency and governance.

In its official statement, Movement Labs said: “We have made the decision to part ways with Rushi Manche due to recent disclosures about his involvement in private agreements linked to the MOVE token. These arrangements were not in line with our standards of transparency.”

The termination follows a CoinDesk investigation that uncovered details of hidden agreements between Movement-related entities and market makers during the early stages of the MOVE token launch. These undisclosed deals, which were not revealed to investors or the public, have sparked backlash and raised serious questions about the company’s governance practices.

Rushi Manche had been heavily involved in the early development of the MOVE token, and his termination marks a significant shift in leadership. Movement Labs has promised to implement a new governance framework but has not yet provided specifics on future leadership appointments.

The announcement has had a noticeable impact on the MOVE token, which saw a price drop of 9% following the news. The token has now experienced a 32% decline over the past week, as uncertainty around the project’s leadership continues to affect market confidence.