Movement Labs Co-Founder Suspended Amid Binance Market Maker Controversy

Movement Labs co-founder Rushi Manche has been suspended following allegations of market manipulation involving the MOVE token on Binance. The token’s value has dropped significantly amid the controversy.

Movement Labs Co-Founder Suspended Amid Market Maker Controversy

Movement Labs co-founder Rushi Manche has been suspended following allegations of market Maker misconduct involving the project’s MOVE token on Binance. The token, which peaked at $1.12 in December, has plummeted 74% to $0.29.

Blockworks reporters Katherine Ross and Jack Kubinec initially broke the story, linking the alleged misconduct to market maker Web3Port. Manche’s temporary leave, first reported last month, has now been confirmed by Movement Labs as a suspension due to ongoing investigations.

Binance Moves $2.36B in Bitcoin: What’s Behind the Massive Transfer?

Binance executed a significant internal transfer of 25,177 BTC, valued at $2.36 billion, on April 25, 2025. Blockchain data confirms the movement originated from a Binance-controlled wallet, with no indications of external withdrawals or user participation.

The transaction sparked widespread speculation, but evidence suggests a routine redistribution within Binance’s internal storage infrastructure. The exchange has committed to providing full transparency in its upcoming Proof of Reserves report, scheduled for release on May 1.