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Movement Labs Suspends Co-Founder Amid Market Maker Controversy
Movement Labs Suspends Co-Founder Amid Market Maker Controversy
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Movement Labs, a prominent Ethereum layer-2 startup, has suspended co-founder Rushi Manche following a governance probe. The decision comes amid allegations that Manche forwarded a deal with Rentech, a firm accused of posing as an affiliate of trading entity Web3Port, leading to the dumping of 66 million MOVE tokens post-launch.
The token dump triggered internal dissent and public backlash, exacerbating scrutiny over the project’s governance. Movement Labs emphasized that the suspension is temporary pending a third-party review by Groom Lake, though the fallout has already cast a shadow over one of Ethereum’s most-watched scaling initiatives.
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