- Movement Labs fires CEO Rushi Manche amid controversy; leadership revamp is underway.
- MOVE token plunges 44% in 30 days following scandal and market manipulation claims.
- Binance delays MOVE airdrop, citing lack of clarity with the project amid ongoing fallout.
Movement Labs has officially terminated CEO Rushi Manche amid ongoing controversy and public scrutiny. The company announced the decision on social media, indicating that operations would continue under a new leadership.
“Movement Labs has terminated Rushi Manche. Movement will continue under different leadership. Details on leadership changes and a revamped governance structure will be coming soon,” the project stated in an official tweet.
The termination follows Manche’s suspension on May 2, when Movement Labs confirmed he had been removed from active duties while a third-party investigation was underway. The review, conducted by Groom Lake, focused on “organizational governance and recent incidents involving a market maker.”
MOVE token slumped after the controversy
The controversy has severely impacted the MOVE token price, which declined across all key timeframes. As of press time, the token is down 8.1% in the past 24 hours, 33.2% over seven days, and 44.1% over the past 30 days.
The leadership crisis stems from a report alleging secret agreements between Movement-linked entities and market makers during the project’s token launch. According to internal documents and investor correspondence, Manche was directly connected to these arrangements.
The investigation further revealed the existence of “shadow advisors, hidden payment flows, and undisclosed token allocations” surrounding MOVE’s debut. These findings raised serious questions about transparency and governance within the project, thus leading to Manche’s suspension and termination.
Binance delays scheduled MOVE airdrop
The scandal has affected the project’s broader operations. Notably, Binance, which had scheduled a MOVE token airdrop, has reportedly delayed the event in light of the scandal. Earlier, in December 2024, Binance had announced the distribution of another HODLer Airdrop for Movement, but had now postponed the distribution.
“Due to ongoing developments related to the Movement project, we have decided to postpone the MOVE HODLer Airdrops until further clarity is provided by the project regarding the situation,” Binance announced in an official statement.
Related: Binance and Kyrgyzstan Partner to Enhance Crypto Payments and Boost Finance Education
Binance stated that the airdrop tokens would be kept in a public wallet, affirming that users’ safety and transparency are the top priorities. Though Movement Labs has confirmed Manche’s termination, there is no news about the next leader. Further, the project stated that details on new leadership appointments and a “reorganized governance structure” would be made in the future.
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
