Movement Labs has suspended its co-founder, Rushi Manche, amid controversies surrounding a market maker agreement he facilitated. This decision was announced on May 2 and follows Coinbase's suspension of trading for the Movement Network (MOVE). The suspension is linked to an ongoing third-party review by the Movement Network Foundation into Manche's deal with Rentech and market maker Web3Port, which had previously sold 66 million MOVE tokens, significantly impacting the token's price by $38 million in December 2024. Meanwhile, allegations of market manipulation and wash trading within the cryptocurrency space have surfaced, with various instances involving other crypto firms, further complicating the landscape. The investigation is being conducted by private intelligence firm Groom Lake. Cointelegraph inquired about updates but received no response by press time.

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