The events in the cryptocurrency market are never ending. The latest news at this point came from Movement Labs.
Following Coinbase’s delisting decision, Movement Labs announced that it has suspended its co-founder Rushi Manche over the market manipulation scandal. This decision comes just hours after Coinbase announced that it would be suspending MOVE trading starting May 15.
Movement Labs, the company behind the MOVE token, has announced that its co-founder Rushi Manche has been suspended from the organization following a market-making scandal.
The statement added that the restraining order would remain in effect pending the results of an investigation conducted by third-party organization Groom Lake.
“This decision was made in light of ongoing events and the ongoing third-party review by Groom Lake regarding recent events involving corporate governance and the market maker.”
The Scandal Was Explained by Binance!
The incident was first revealed by Binance, which found that a large portion of the MOVE token was sold by a market maker named Rentech, who claimed to be affiliated with Web3Port. Binance later revealed that the market maker manipulated the price of MOVE.
Binance later said that the MOVE market maker made a net profit of $38 million by selling 66 million MOVE tokens and decided to remove it from the exchange.
Following Binance’s move, Movement Labs also took action and hired an auditing firm called Groom Lake to examine the incidents in detail. The company launched an investigation and announced that it will share all findings with the public.
MOVE fell more than 20 percent in the last 24 hours to $0.19.
*This is not investment advice.
