Movement Labs announced today on X that it had suspended co-founder Rushi Manche.
The move to suspend Manche comes as Coinbase delisted the MOVE token.
Coinbase moved to suspend trading of MOVE following a report by CoinDesk that revealed Movement Labs is investigating how a market maker tied to Web3Port acquired and dumped over 5% of the token’s supply, triggering a price crash.
Binance had previously banned the market maker at the center of this, Web3Port, from its platform.
The MOVE token is down over 20% on-day, according to market data.
