{"id":25521,"date":"2025-05-07T07:31:34","date_gmt":"2025-05-07T07:31:34","guid":{"rendered":"https:\/\/dogewisperer.com\/?p=25521"},"modified":"2025-05-07T07:31:34","modified_gmt":"2025-05-07T07:31:34","slug":"movement-labs-terminates-co-founder-rushi-manche-launches-new-firm","status":"publish","type":"post","link":"https:\/\/dogewisperer.com\/?p=25521","title":{"rendered":"Movement Labs terminates co-founder Rushi Manche, launches new firm"},"content":{"rendered":"
\n

<\/p>\n<\/p>\n

\"Movement<\/p>\n

Movement Labs confirmed the termination of its co-founder, Rushi Manche, following controversies over a market maker deal that he brokered.<\/p>\n

Movement Labs made the announcement in a May 7 X post<\/a>, stating it had \u201cterminated Rushi Manche.\u201d The project said it \u201cwill continue under a different leadership.\u201d The post also hints at upcoming governance changes.<\/p>\n

The termination follows Movement Labs announcing Manche\u2019s suspension earlier this month<\/a>, explaining that the \u201cdecision was made in light of ongoing events.\u201d It also comes after Coinbase\u2019s recent decision to suspend the Movement Network (MOVE) token,\u00a0citing its failure to meet its listing standards<\/a>.<\/p>\n

\"Movement
Source: <\/em>Movement<\/em><\/a><\/figcaption><\/figure>\n

Related: <\/strong><\/em>Movement Network to buy back tokens with $38M recovered from rogue market maker<\/strong><\/em><\/a><\/p>\n

Movement Labs launches Move Industries<\/h2>\n

In addition to terminating Manche, Movement Labs announced<\/a> the launch of Move Industries, with former Movement Labs employees Torab\u202fTorabi as the firm\u2019s CEO and Will\u202fGaines as its chief marketing officer. \u201cIn light of recent news, we needed a clean break. Movement started with the community and our builders,\u201c the announcement stated.<\/p>\n

The firm promises better governance with new leadership, town halls for heightened transparency, and improved vetting and verification procedures. Other, less tangible changes include \u201cevolved leadership philosophy\u201d and a \u201creturn to crypto\u2019s radical roots.\u201d<\/p>\n

Market makers at it again<\/h2>\n

The termination comes after a recently announced third-party review\u00a0requested<\/a>\u00a0by the Movement Network Foundation into an agreement orchestrated by Manche with Rentech. Rentech then helped broker an agreement with market maker Web3Port.<\/p>\n

After the deal concluded, Web3Port reportedly sold the 66 million MOVE that it gained through the deal, about 5% of the total supply. This led to $38 million in downward price pressure in December 2024.<\/p>\n

The investigation is being conducted by private intelligence firm Groom Lake. The organization\u2019s founder Fernando\u202fReyes\u202fJr. told Cointelegraph that he \u201cwon\u2019t reveal any information about Movement Labs or Movement Foundation without the express written consent.\u201d<\/p>\n

Still, he hinted at developments by citing Byzantine Emperor Basil II \u201cThe Bulgar Slayer.\u201d He promised:<\/p>\n

\u201cI will soon do what he did to a large swath of scammers in this industry. I will break them.\u201c<\/p><\/blockquote>\n

Related: <\/strong><\/em>How to choose a market maker for your Web3 project<\/strong><\/em><\/a><\/p>\n

Market makers make or break tokens<\/h2>\n

A mid-April analysis report suggested that the right market maker can be a launchpad for a cryptocurrency project<\/a>, opening the door to major exchanges and providing valuable liquidity to ensure a token is tradeable. Still, the same kind of organization can also destroy a project before it even really gets started.<\/p>\n

In summer 2024, reports suggested that up to 78% of new token listings since April 2024 had been poorly conducted, with some\u00a0suggesting that market makers are involved<\/a>. Market makers have been accused of unsavory practices many times in the past.<\/p>\n

Creditors of bankrupt cryptocurrency lending platform Celsius Network have claimed that leading crypto market maker Wintermute was\u00a0involved in the wash trading of the Celsius token<\/a>. Wash trading is a form of market manipulation, creating an illusion that a particular asset is trading at a higher volume than it is.<\/p>\n

Other similar cases include Fracture Labs \u2014 creator of the Web3 game Decimated \u2014 filing a suit in late 2024 against market maker Jump Crypto<\/a>\u00a0for allegedly orchestrating a pump-and-dump scheme using its in-game currency, DIO. Some reports claim that DWF Labs \u2014 one of Binance\u2019s largest trading clients \u2014 engaged in market manipulation, wash trading, and inflated trading volumes amounting to $300 million through deals with crypto projects.\u00a0DWF Labs and Binance later denied the accusation<\/a>\u00a0in May 2024.<\/p>\n

US regulators have started taking matters into their own hands by creating a fake digital asset and looking for market makers to manipulate its market. As a result of this action, last month, a Massachusetts court\u00a0fined crypto market maker CLS Global<\/a>\u00a0for fraudulent manipulation of trading volumes.<\/p>\n

Magazine: <\/strong><\/em>What do crypto market makers actually do? Liquidity, or manipulation<\/strong><\/em><\/a><\/p>\n