Movement Labs in Turmoil: Co-Founder Suspended Amid Market Maker Scandal!

Rushi Manche Sidelined as Third-Party Probe Rolls On

Holy crypto chaos, Batman! Movement Labs just hit the eject button on co-founder Rushi Manche as the scandal with their shady ex-market maker spirals out of control. In a fiery X post from May 2, Movement Labs dropped the bomb about Manche's suspension, right as Groom Lake keeps digging into this mess. And guess what? Just hours before, Coinbase threw a wrench in the works, announcing a total shutdown of all Movement (MOVE) trading pairs starting May 15. They're saying MOVE didn't make the cut anymore!

Coinbase Pulls the Plug, Citing Listing Standards

Movement Labs didn't mince words: "Rushi Manche? Yeah, he's out. This ain't a decision we took lightly, but with everything going down and Groom Lake still sniffing around our governance and those recent market maker antics, we had to do it."

Now, Coinbase didn't come right out and say "manipulation," but they did slap MOVE into limit-only mode before the axe fell. The whole drama kicked off back in December when some market maker allegedly dumped a whopping 66 million MOVE tokens, raking in an estimated 38 million Tether (USDT) in the process. Talk about a crypto heist!

Binance Blows the Whistle, Freezes Funds

Fast forward to March, and Binance stepped up, reporting the shenanigan, freezing the cash, and giving Movement Foundation and Movement Labs a heads-up. Turns out, Rentech, the mastermind behind the dump, was playing dress-up as a Web3Port affiliate when they're really just a ghost in the machine with zero online presence. Sneaky!

Get this: leaked contracts show Rentech was holding onto more than 5% of MOVE's entire supply, with terms pushing for a $5 billion valuation before they planned to pull the rug. Total scam alert!

Movement Foundation Fights Back with Buyback Plan

Movement Foundation wasn't about to go down without a fight. They cut ties with the rogue market maker and threw down a $38 million USDT buyback gauntlet through a shiny new reserve fund. Now, all eyes are on the independent investigation to see if Movement's bigwigs were in on the con or just got duped.

MOVE Token in Freefall, Bears on the Prowl

And the hits keep coming. MOVE's trading at a measly $0.19, down over 20% in the last 24 hours. If it can't hold the line at $0.18, things could get even uglier. The MOVE/USDC chart's been on a downward spiral since late March. After a brief rally, it got smacked down at the 20-day moving average, hovering around $0.24.

The price is still under all the big moving averages, and the relative strength index is chilling near 32, screaming "bearish momentum!" And with trading volumes going wild, showing traders are flipping out over this news, the chart's a mess. The project's future? It's all about transparency and what that ongoing review uncovers. Buckle up, folks, this ride's far from over!