Movement Labs, the team behind the Movement network, has dismissed co-founder Rushi Manche amid controversy over undisclosed MOVE token deals. The company announced on its X account that Manche's employment and all affiliations with the firm were immediately terminated. This development follows a CoinDesk report revealing secret arrangements between Movement-linked entities and market makers during the MOVE token’s launch, including unknown advisors, hidden payments, and token allocations. Internal documents and investor communications connected Manche directly to these controversial activities.
Manche was suspended on May 2, shortly after Coinbase delisted the MOVE token in response to community pressure about project transparency and governance. No replacement or new governance structure has been announced so far. Following these events, MOVE token prices fell 8.5% in the last 24 hours and have dropped 35% over the past week.