Movement Labs fired Rushi Manche early Tuesday, May 7, 2025. This action followed a CoinDesk report that revealed undisclosed agreements between Movement-connected entities and cryptocurrency market makers during the launch of the project’s tokens. Manche's termination, announced via the company's X account, comes after an initial suspension on May 2. The downturn in the price of the MOVE token has been catastrophic. It has fallen 8.5% in just the past 24 hours and recently experienced a breathtaking 35% crash over the last week.

Manche’s termination came soon after a CoinDesk report which specifically connected Manche to the dubious deals. These deals were hidden under opaque agreements between Movement-associated organizations and market makers at the time of the MOVE token’s inception.

Movement Labs first placed Rushi Manche on administrative leave on May 2. This suspension came before the agency’s eventual decision to fire him.

Coinbase delisted the MOVE token, adding to the token's woes. MOVE token prices have plummeted since Rushi Manche was fired.

The outrage put newcomer Rushi Manche’s campaign into the firestorm. He seeded more than $1,000 worth of assets into liquidity pools across multiple platforms including Compound, Curve, SushiSwap, and PancakeSwap. Beyond that, Shaurya Malwa owns more than $1,000 worth of other cryptocurrencies.

Movement Labs responded to the leadership change and the future of the project.

Movement Labs has terminated Rushi Manche. - Movement (@movementlabsxyz)

The company provided additional detail as well on its announcement of a new governance structure.

Movement will continue under different leadership. Details on leadership changes and a revamped governance structure will be coming soon. - Movement (@movementlabsxyz)