Movement Labs Ousts CEO Rushi Manche Amid Scandal, MOVE Token Dips 44%

• Movement Labs fires CEO Rushi Manche amid controversy; leadership revamp is underway.
• MOVE token plunges 44% in 30 days following scandal and market manipulation claims.
• Binance delays MOVE airdrop, citing lack of clarity with the project amid ongoing fallout.

Movement Labs has officially terminated CEO Rushi Manche amid ongoing controversy and public scrutiny. The company announced the decision on social media, indicating that operations would continue under a new leadership.

“Movement Labs has terminated Rushi Manche. Movement will continue under different leadership. Details on leadership changes and a revamped governance structure will be coming soon,” the project stated in an official tweet.

The termination follows Manche’s suspension on May 2, when Movement Labs confirmed he had been removed from active duties while a third-party investigation was underway. The review, conducted by Groom Lake, focused on “organizational governance and recent incidents involving a market maker.”

MOVE token slumped after the controversy

The controversy has severely impacted the MOVE token price, which declined across all key timeframes. As of press time, the toke…

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