In a dramatic turn of events, Movement Labs has suspended co-founder Rushi Manche, following a maelstrom of controversy that has engulfed the MOVE token. The upheaval, sparked by the delisting of MOVE from Coinbase, comes amid allegations of token-dumping by a market maker linked to Web3Port. This revelation has sent ripples through the cryptocurrency markets, with the MOVE token diving approximately 20% in value.
The Unfolding Saga
Movement Labs, a blockchain infrastructure company, announced the suspension of Rushi Manche on X, the platform formerly known as Twitter. This decisive action follows the news that Coinbase has delisted the MOVE token after an internal investigation revealed concerning activities by a market maker associated with Web3Port. According to insider sources, this market maker acquired and subsequently dumped over 5% of MOVE’s total supply, igniting a frenzied sell-off that catalyzed the token’s sharp decline.
The enigmatic Web3Port, already notorious in the crypto community for its controversial maneuvers, had previously faced the wrath of Binance. The exchange had banned Web3Port from its platform, a decision that in hindsight, seems to have foreshadowed the current debacle. “Web3Port’s tactics appear to be a ticking time bomb,” noted crypto analyst James Kwan, adding, “their aggressive market moves have once again proven to be a double-edged sword.”
A Market in Turmoil
The repercussions of this scandal have been felt far and wide. The MOVE token, once a promising asset within the decentralized finance ecosystem, now finds itself in precarious territory. As the token’s value eroded, so did investor confidence, leaving many to question the stability and governance of Movement Labs.
“This incident raises significant concerns about the transparency and oversight within many blockchain projects,” said blockchain consultant, Elena Rodriguez. “With major exchanges like Coinbase and Binance distancing themselves, the pressure is on for Movement Labs to rebuild trust.”
Yet, amid the turmoil, some voices suggest that the delisting might offer a moment of introspection for the company. “While this is undoubtedly a setback, it could also be an opportunity for Movement Labs to implement stronger governance and compliance measures,” remarked crypto strategist Oliver Lin.
Historical Context and Future Implications
The crypto landscape has seen its fair share of turbulence, but the Movement Labs episode underscores a recurring theme: the vulnerability of digital assets to market manipulation. Historically, such incidents have led to increased scrutiny and calls for regulatory interventions.
As the dust settles, the future of the MOVE token remains uncertain. Investors and analysts alike are watching closely to see how Movement Labs navigates this crisis. Will they emerge fortified, with renewed commitment to transparency, or will this be a cautionary tale of what happens when unchecked market forces run amok?
The suspension of Rushi Manche, while significant, is only one piece of a larger puzzle. The industry is left pondering whether this incident will prompt a broader reckoning within the crypto ecosystem. As regulatory bodies keep a watchful eye, the path forward for Movement Labs—and indeed, for many in the sector—appears fraught with challenges.
In the ever-volatile world of cryptocurrencies, one thing remains clear: today’s setback could be tomorrow’s lesson—if the industry chooses to learn from it. The unfolding saga of Movement Labs serves as a vivid reminder that in this digital age, transparency and accountability are not just buzzwords; they are imperatives for survival.
Source
This article is based on: Movement Labs Suspends Rushi Manche Amid Coinbase Delisting, Token-Dumping Scandal
Steve Gregory is a lawyer in the United States who specializes in licensing for cryptocurrency companies and products. Steve began his career as an attorney in 2015 but made the switch to working in cryptocurrency full time shortly after joining the original team at Gemini Trust Company, an early cryptocurrency exchange based in New York City. Steve then joined CEX.io and was able to launch their regulated US-based cryptocurrency. Steve then went on to become the CEO at currency.com when he ran for four years and was able to lead currency.com to being fully acquired in 2025.
