Movement Labs has announced the suspension of co-founder Rushi Manche, citing ongoing events as the reason behind this decision.

The suspension comes shortly after Coinbase decided to delist the MOVE token, triggered by reports of a market maker’s involvement in a token dumping incident.

The value of the MOVE token has since plummeted by more than 20% after Binance took action against the implicated market maker, Web3Port.

Key Points:

• Rushi Manche’s suspension is part of a broader inquiry into governance issues within Movement Labs.
• The MOVE token has witnessed a significant drop in its price following the delisting by Coinbase.
• A review is underway by a third party to investigate the recent incidents concerning market makers.

As affirmed by Movement Labs in a statement, “We confirm that Rushi Manche has been suspended from Movement Labs. This decision was made in light of ongoing events and as the third-party review is still being conducted by Groom Lake regarding organizational governance and recent incidents involving a market maker.”

More updates will follow as the situation develops.