@white-beard
MOVE Token Dumps 20% As Price Manipulation Unfolds
Movement Labs has suspended co-founder Rushi Manche after reports tied him to a $38M market-making scheme just hours after Coinbase delisted the token.
It all began in Dec 2024, when MOVE launched via public airdrop. Backed by big names, it aimed to redefine smart contract infrastructure. But behind the scenes, a controversial market-making deal was already in motion.
Under Manche’s lead, Movement Labs signed a secret deal with Rentech, a firm falsely presented as a Web3Port subsidiary though it had no online footprint.
That deal gave Rentech control over ~5% of MOVE’s supply, with incentives to pump the price to $5B and dump tokens for shared profit.
By late December, Rentech had sold $38M in MOVE, drawing community backlash.
In response, Movement Labs hired third-party auditor Groom Lake to investigate governance failures. Yesterday, the team confirmed Manche’s suspension pending that review.
0 reply
0 recast
0 reaction