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Movement Labs Terminates Rushi Manche After MOVE Token Deals

Movement Labs, the development firm of the Movement network, has officially cut ties with co-founder Rushi Manche following controversy surrounding undisclosed MOVE token deals.

The announcement came via the company’s X account early Tuesday, stating that “Movement Labs has terminated Rushi Manche’s employment and all affiliations with the company effective immediately.”

It has yet to name a replacement or outline next steps for governance restructuring.

The decision follows a CoinDesk report that first revealed secret agreements between Movement-linked entities and market makers during the project’s token launch.

CoinDesk reported the existence of shadow advisors, hidden payment flows, and undisclosed token allocations surrounding MOVE’s debut. Manche was directly tied to those arrangements, according to internal documents and investor correspondence reviewed by CoinDesk.

Manche was initially suspended on May 2, shortly after Coinbase delisted the MOVE token. The delisting followed mounting community pressure on how the company operates behind-the-scenes and project governance.

MOVE prices are down 8.5% in the past 24 hours, a bulk of the slide coming after Manche’s termination. The token is down 35% in the past week.

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Movement Foundation launches Movement Mainnet and MOVE token

The Movement Network Foundation revealed the launch of the Movement Mainnet — an Ethereum scaling solution that uses the Move Virtual Machine to settle transactions to the Ethereum network with one second finality time — and the accompanying MOVE token generation event in a December 9 announcement.

In an interview with Cointelegraph, co-founder of Movement Labs Rushi Manche said, "Our general thesis was Move is a phenomenal language, very secure, high throughput, but it needed two major things." Manche continued:

"One is an ecosystem — a vibrant ecosystem. Apps that people were using that were well-funded and got to market. And secondly, a community where the native community was bootstrapped and loyal to the chain."

The network will launch in beta, with the initial phase of the rollout focused on infrastructure providers deploying RPC nodes, follower nodes, and indexers to service the network and ensure an optimal execution environment.

MOVE token distribution. Source: Movement Network Foundation

Related: Sui is growing due to great developer experience — Router CEO

Manche outlined three goals for the Movement Mainnet, including helping to secure the decentralized finance (DeFi) sector, focusing on the convergence between the Movement ecosystem and AI, and building a mobile-first platform.

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