Movement Labs Terminates Rushi Manche After MOVE Token Deals

Movement Labs, the development firm of the Movement network, has officially cut ties with co-founder Rushi Manche following controversy surrounding undisclosed $MOVE token deals.

The announcement came via the company’s X account early Tuesday, stating that “Movement Labs has terminated Rushi Manche’s employment and all affiliations with the company effective immediately.”

It has yet to name a replacement or outline next steps for governance restructuring.

The decision follows a CoinDesk report that first revealed secret agreements between Movement-linked entities and market makers during the project’s token launch.

CoinDesk reported the existence of shadow advisors, hidden payment flows, and undisclosed token allocations surrounding $MOVE’s debut. Manche was directly tied to those arrangements, according to internal documents and investor correspondence reviewed by CoinDesk.

Manche was initially suspended on May 2, shortly after Coinbase delisted the $MOVE token. The delisting followed mounting community pressure on how the company operates behind-the-scenes and project governance.

$MOVE prices are down 8.5% in the past 24 hours, a bulk of the slide coming after Manche’s termination. The token is down 35% in the past week.