Movement Labs has terminated co-founder Rushi Manche amidst controversies regarding a market maker deal he brokered. The company's statement, released on May 7, emphasizes a shift in leadership and hints at upcoming governance changes. This decision follows a series of events, including Coinbase's suspension of the Movement Network (MOVE) token. Alongside the termination, Movement Labs announced the launch of Move Industries, led by former employees Torab Torabi and Will Gaines. In light of recent events, the firm promises enhanced governance, transparency, and a return to crypto’s original values. The termination relates to a third-party review into a deal involving market maker Web3Port, which allegedly pressured MOVE token prices following a significant sell-off. This investigation, led by private intelligence firm Groom Lake, aims to shed light on the circumstances surrounding the deal.

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