Movement Labs co-founder quickly plays people for suckers, MOVE Token insider trading sparks a major shake-up.

MOVE Token black box operation doubts heavily damage project credibility

The blockchain startup Movement Labs is facing a major governance crisis. After being exposed for its Token MOVE involving secret agreements and undisclosed fund flows, the company has swiftly cut ties with co-founder Rushi Manche and has terminated him immediately. This incident has led to strong backlash from the community, and the price of MOVE has plummeted accordingly. The company has not yet announced plans for subsequent governance restructuring.

Rushi Manche is dismissed, Movement Labs officially cuts ties.

Movement Labs issued a statement, officially announcing the termination of all employment and corporate relations with Rushi Manche. The statement read: "Movement Labs has immediately terminated Rushi Manche's position and all relations with the company." Although the termination decision is effective, Movement Labs has not yet announced a new leadership selection, nor provided specific details on future governance structure adjustments.

Media exposes shadow consultants and secret profit-sharing

This controversy stems from CoinDesk's in-depth report, which revealed secret agreements between Movement-related entities and market makers, including undisclosed advisory roles, financial arrangements, and details on the distribution of MOVE tokens. According to internal documents and correspondence with investors obtained by CoinDesk, Rushi Manche is directly implicated in these arrangements.

CoinDesk's leaked content indicates that the MOVE Token had significant transparency issues during its initial issuance, misleading the market and community, leading to widespread dissatisfaction.

(MOVE crashes as soon as it is listed! CoinDesk reports that market makers are harvesting and sharing profits, while Movement claims to be a victim ).

Coinbase delists MOVE Token, community pressure forces company action

On the 2nd of this month, Coinbase announced the delisting of the MOVE Token, further exacerbating the distrust in Movement Labs' operational methods. This move not only severely impacted the market value of the token but also caused the originally supportive community to turn towards strong criticism of the project. Coinbase's action came right after the community's questions regarding governance transparency and behind-the-scenes trading, which indirectly led to Manche being suspended by the company and ultimately getting fired.

MOVE Token price plummets, market confidence is at risk.

After the news of Manche's dismissal was exposed, the MOVE Token plummeted by 8.5% within 24 hours, and over the past week has fallen by as much as 35%. Investors' confidence in the Movement project has been severely shaken, reflecting the direct impact of governance chaos on the coin price.

The market is currently closely watching how Movement Labs will restructure its internal governance, rebuild community trust, and find a new leadership core to stabilize the situation.

This article on Movement Labs quickly cutting ties with co-founder, insider trading of MOVE Token sparks a major upheaval first appeared on Chain News ABMedia.