Movement Labs co-founder Rushi Manche has been suspended amidst controversy concerning market maker misconduct linked to the MOVE token's trading on Binance. Following a significant drop in the token's value, allegations surfaced that the market maker, Web3Port, engaged in actions that violated agreements by selling 66 million MOVE tokens on the day of the token's Binance listing. In response to these events, Movement Labs announced a buyback program to recover liquidity. Discrepancies in the contractual arrangements with Web3Port, initially believed to limit liquidation until a specific market cap was reached, highlighted potential misrepresentation during the agreement process. The situation has escalated, leading to a suspension of Rushi Manche and movements to clarify governance within the organization as the fallout continues with MOVE's trading plummeting to $0.19.

Source 🔗