Movement Labs Cuts Ties with Co-Founder Amid Controversy
Movement Labs, which was delisted by Coinbase following allegations of manipulation and has been at the center of controversy recently, has put an end to the ongoing events.
Following Coinbase’s delisting decision, Movement Labs announced that it had suspended its co-founder Rushi Manche due to the market manipulation scandal.
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Now, Movement Labs has announced that co-founder Rushi Manche has been terminated for inappropriate behavior.
The altcoin team noted that further details regarding leadership changes and a revamped management structure will be shared in due course.
“Movement Labs has removed Rushi Manche. Movement will continue under different leadership. Details regarding leadership changes and renewed management structure will be announced soon.”
Binance Postpones MOVE Airdrop!
Movement Labs announced layoffs, while Binance also announced that it has postponed the MOVE airdrop.
Binance has announced in its official statement that it has postponed the HODLer Airdrops for Movement (MOVE) until it gains more clarity on the ongoing developments of the project.
“We initially announced in December 2024 that Binance was scheduled to launch an additional HODLer Airdrops for Movement (MOVE) (5% of total supply), approximately six months after the initial spot listing. Due to ongoing developments regarding the Movement project, we have decided to postpone the MOVE HODLer Airdrops until further clarity is provided by the project on the situation.”
As you may recall, the incident was first revealed by Binance. Binance had discovered that most of the MOVE token was sold by a market maker named Rentech, who claimed to be affiliated with Web3Port. Binance later revealed that the market maker manipulated the MOVE price.
*This is not investment advice.
