Movement Co-Founder "Steps Down Temporarily," Foundation Launches Investigation into Market Maker Anomalies

Rushi Manche, co-founder of Movement Labs, has "temporarily stepped down" due to a project dispute. Previously, a CEX suspended its partnership with a market maker for "manipulative behavior," where the market maker dumped around 38 million USD worth of MOVE tokens, posting only a small number of buy orders.

The Movement Network Foundation has launched a third-party investigation to review these "market maker anomalies." The foundation stated that it was previously unaware of the situation and has announced a buyback of 38 million USDT to replenish ecosystem liquidity.