The CEO of Motion Labs – the blockchain undertaking behind the MOVE token, has been formally dismissed following severe allegations of market manipulation. The incident not solely brought about the price of MOVE to plummet, but in addition led to Coinbase suspending buying and selling of the token and triggered a wide-ranging inner investigation.

Motion CEO Fired Amid Scandal

Turmoil continues to hit the blockchain undertaking Motion Labs as its CEO and co-founder, Rushi Manche, has been formally dismissed following a sequence of market manipulation allegations associated to the native token MOVE.

Motion Labs has terminated Rushi Manche. Motion will proceed beneath completely different management.

Particulars on management adjustments and a revamped governance construction can be coming quickly.

— Motion (@movementlabsxyz) Might 7, 2025

The controversy erupted after Coinbase unexpectedly introduced it might droop buying and selling of MOVE on Might 15, sparking widespread concern within the crypto group. Simply hours later, Motion Labs introduced that it had suspended Rushi Manche, marking the start of a wave of stunning revelations.

In keeping with an investigation by CoinDesk, Manche allegedly overstepped his authority to push via a deal between Motion Labs and a market maker (MM), regardless of authorized objections from the corporate’s compliance workforce.

The deal granted the market maker management over 66 million MOVE tokens, a amount giant sufficient to considerably manipulate the market. Binance later blacklisted that market maker for violating guidelines associated to price manipulation.

In an announcement posted on X, Rushi Manche admitted fault, saying he had been “too trusting” and did not anticipate conflicts of curiosity between advisors and deal members. Nonetheless, his clarification has finished little to calm the backlash from outraged traders.

Learn extra: MOVE Downed 80%: Catalyzed by Detrimental Data Overload.

Binance Suspends HODLer Airdrop Program Amid Motion Labs Scandal

In a notable growth tied to the controversy, Binance has introduced the suspension of its HODLer Airdrop program for the MOVE token. In keeping with an earlier assertion in early Might, Binance had deliberate to distribute 5% of MOVE’s complete provide to long-term holders roughly six months after the token’s preliminary itemizing.

Nonetheless, on account of ongoing occasions surrounding Motion Labs, Binance has determined to postpone this system till the undertaking offers better transparency relating to its present state of affairs. The workforce will maintain the airdrop tokens in a public pockets to make sure transparency with the group.

Binance emphasised that consumer safety and transparency requirements stay its prime priorities, and the change will intently monitor developments and replace its coverage accordingly.

Undertaking Continues Operations, New Management Disclosure

A spokesperson for Motion Labs said that the undertaking will proceed to function usually beneath the path of a brand new management workforce. The workforce will announce particulars in regards to the up to date organizational construction and the undertaking’s strategic path within the close to future.

MOVE Value – Supply: CoinGecko

Amid the escalating scandal, Motion Labs has additionally launched a token buyback program for MOVE in an effort to restrict investor losses and restore group belief. Moreover, the workforce has pledged to proceed its inner investigation to make clear the obligations of all concerned events, making certain transparency and accountability transferring ahead.