The Move network development team has officially cut ties with co-founder Rushi Manche after disclosing secret token deal revelations. Early on 7th May, the firm used its X (formerly Twitter) official account to declare Manche’s dismissal, beginning immediately.
The announcement follows an investigative report by CoinDesk, which exposed hidden payment schemes alongside undisclosed token allocations and shadow advisors while token launch procedures took place a few months ago. The cryptocurrency community has experienced significant turbulence due to the scandal, which diminished investor faith in the project.
“Movement Labs has terminated Rushi Manche’s employment and all affiliations with the company effective immediately,” according to a Movement Labs announcement.
Fallout from CoinDesk Investigation
CoinDesk produced evidence showing that Manche maintained direct connections to shadowy market-making arrangements and hidden entities active during the initial token distribution period. The investigation discovered undisclosed behind-the-scenes arrangements and secret advisor activities that failed to reach public or investor awareness.
The MOVE token suspension occurred on May 2 as Coinbase disconnected its platform from the token following public complaints about internal management and governance transparency.
Token Price Tumbles
The token sustained major price drops following the recent news developments. The initial drop in prices exceeded 8.5% following the announcement, but the token has suffered a total weekly loss of 35%. Both the current scandal and the ongoing leadership instability and project guidance confusion are motivating investors to make their moves.
Leadership Vacuum and Unanswered Questions
Since the Manche departure, Movement Labs has refrained from revealing any details about leadership succession or governance rehabilitation plans. Market anxiety has grown because of the unclear situation, which demands immediate transparency and accountability from stakeholders.
The company declared ongoing operations with fresh leadership but did not specify who would lead or how they would rebuild trust with the community.
Movement Labs Takes a Crucial Turning Point
The present crisis defines a critical point in Movement Labs’ history. The technical innovations of the platform face potential overshadowing from the token project’s scandal. The team’s upcoming actions will decide the project’s fate because they will determine whether the enterprise recovers or disappears from reputational harm.
