Crypto Scandal Erupts: See Which Co-founder Got the Boot (and Why Everyone Is Laughing)

by

There are times when a man walks headlong into trouble and takes the whole town with him, and so it was on the bright morning when Movement Labs tossed its co-founder, Rushi Manche, out of the proverbial saloon—for, as old stories go, fiddling with the chips a little too much. MOVE token, the pride and joy of hopeful prospectors everywhere, was deep in controversy, squawking louder than a chicken coop during a dust storm. 🐓

This all went down within shouting distance of Coinbase showing MOVE token the door—like an uptight bartender tired of gossipy regulars. If tokens had feelings, someone would be fetching the smelling salts. 🪑

Movement Labs, never ones for subtlety, took to X (formerly known as Twitter, but renamed as if corporate rebrands fix broken dreams) to declare for all to hear—the kind of declaration meant to absolve everyone left holding the bag while thunderclouds gather on the prairie.

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.

— Movement (@movementlabsxyz) May 2, 2025

Beneath the corporate politeness, the story had legs longer than a stray dog in summer. Rushi Manche, it seems, shook hands with Rentech—a market-making outfit slathered in mystery, masquerading as kin to Web3Port. Except, when folks looked for Web3Port, it was like searching for water in the Mojave: nothing but sun-baked emptiness.

Turns out, Rentech snagged about 5% of all the sacred MOVE tokens, working a deal to spice the price to a $5 billion feast and then dump the leftovers for shared profits. An old dance—dress the cow, take it to market, and vanish before breakfast. 🕺🐄

Meanwhile, MOVE token investors watched the price drop faster than a stone in a well. Down 22% in a day, and an eye-watering 86% since December. If you’d invested your dog’s lunch money, you’d be eating wagon wheels and regret soup by now. At last check, MOVE was worth about $0.1960—and that’s rounding up for old times’ sake.

Read More

2025-05-02 11:01