Movement Labs terminates co-founder Rushi Manche, launches new firm

Movement Labs has terminated co-founder Rushi Manche following controversy surrounding a market maker deal with Rentech and Web3Port that triggered significant price drops.

Movement Labs confirmed the termination of its co-founder, Rushi Manche, following controversy over a market maker deal that he brokered.

Movement Labs made the announcement in a May 7 X post, stating it had “terminated Rushi Manche.” The project said it “will continue under a different leadership.” The post also alludes to upcoming governance changes.

The termination follows Movement Labs announcing Manche’s suspension earlier this month, explaining that the “decision was made in light of ongoing events.” It also comes after Coinbase’s recent decision to suspend the Movement Network (MOVE) token, citing its failure to meet its listing standards.

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