Termination of Rushi Manche by Movement Labs Following Controversial Token Deals

Overview

Movement Labs has officially parted ways with co-founder Rushi Manche amid controversy surrounding undisclosed deals related to MOVE tokens.

The announcement was made via the company’s social media account on Tuesday, confirming that “Movement Labs has terminated Rushi Manche’s employment and all affiliations with the company effective immediately.”

Key Points:

Movement Labs has ended its relationship with Rushi Manche after undisclosed agreements concerning MOVE token deals.
The public disclosure followed a CoinDesk report that revealed secret agreements and undisclosed advisors related to the project.
The termination coincided with a significant drop in MOVE token prices, which have decreased by 8.5% in the past 24 hours.

Details:

The decision followed a prior suspension of Manche on May 2, shortly after Coinbase delisted the MOVE token due to community concerns regarding the company’s governance and operations. Following Manche’s termination, MOVE prices have slid further by 35% in the past week.

“Movement Labs has terminated Rushi Manche. Movement will continue under different leadership. Details on leadership changes and a revamped governance structure will be coming soon.” — Movement (source)
“Movement Labs terminated Rushi Manche. The organization will keep progressing with new leadership. Updates regarding management changes and governance will follow shortly.”

The controversy stemmed from hidden contracts and advisors uncovered in a CoinDesk investigation that indicated dire implications regarding the project’s governance and financial management.