Movement Labs, the development firm of the Movement network, has terminated co-founder Rushi Manche following controversy surrounding undisclosed MOVE token deals.
“Movement Labs has terminated Rushi Manche’s employment and all affiliations with the company, effective immediately,” the company announced via its X account early Tuesday.
The company has yet to name a replacement or outline next steps for the project’s governance restructuring.
Manche’s departure comes after CoinDesk reported on secret agreements made by Movement-linked entities with market makers during the project’s token launch.
CoinDesk reported on the existence of shadow advisors, hidden payment flows and undisclosed token allocations surrounding MOVE’s debut. Manche was directly tied to those arrangements, according to internal documents and investor correspondence reviewed by CoinDesk.
Manche was initially suspended on May 2, shortly after Coinbase (NASDAQ:COIN) delisted the MOVE token. The delisting followed mounting community pressure on how the company operates behind-the-scenes and project governance.
MOVE prices are down 8.5% in the past 24 hours, a bulk of the slide coming after Manche’s termination. The token is down 35% in the past week.
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