Movement Labs terminates co-founder Rushi Manche, launches new firm

Description

Movement Labs has terminated co-founder Rushi Manche following controversy surrounding a market maker deal with Rentech and Web3Port that triggered significant price drops.

Authors

Adrian Zmudzinski

Publish date

May 7, 2025

Publisher

Cointelegraph

Web URL

https://cointelegraph.com/news/movement-labs-terminates-co-founder-over-market-turmoil

Referenced by

Movement labs fires Rushi Manche over MOVE token dealings

Crypto news

News story

The termination comes after a recently announced third-party review requested by the Movement Network Foundation into an agreement orchestrated by Manche with Rentech. Rentech then helped broker an agreement with market maker Web3Port.

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Quote

The termination follows Movement Labs announcing Manche’s suspension earlier this month, explaining that the “decision was made in light of ongoing events.”

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