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Movement Labs Controversy
Coinbase Delisting, Co-founder Dismissed
Movement Labs Scandal Exposed
Yesterday, CoinDesk revealed a controversy involving Movement Labs regarding their decision-making process with market makers. This incident not only led to significant losses for many MOVE investors but also resulted in the MOVE token being delisted by Binance, severely undermining the project’s credibility.
Co-founder Cooper Scanlon stated in a Slack message on April 21, 2025, that the company is investigating whether the market maker Rentech deliberately misled them. However, Rentech vehemently denies any wrongdoing, with both parties standing their ground.
The serious internal divisions and decision-making errors among Movement Labs’ senior management have exacerbated the severity of the issue. This internal conflict has complicated the situation further and shaken the team’s cohesion. The turmoil has evolved from an external market problem into an internal trust crisis within the company.
After the news broke, the Coinbase exchange announced early this morning that it would delist the MOVE token on May 15, following an evaluation. The exchange did not specify the exact reasons, stating only that this decision was made in light of recent project reviews.
In the face of a public relations crisis threatening the project’s survival, Movement Labs also issued an urgent statement recently, announcing that co-founder Rushi Manche has been dismissed. They indicated that this decision was made following a third-party review conducted by Groom Lake, a professional intelligence agency in the digital asset field, regarding organizational governance and recent issues involving market makers.
Meanwhile, rumors about the dark side of the Movement Labs team have not subsided. Chen Jian, who collaborated with the Movement Labs team as an advisor/contributor, disclosed today on X that he worked with the team last November, but they delayed signing a contract for various reasons. By January this year, having received no follow-up, he chose to terminate the collaboration, and his contributions during this period went unrewarded. In his statement, Chen Jian wrote:
“Because all the projects we participated in as advisors and contributors were based on long-termism to support the growth of the project, our collaboration was structured to receive tokens instead of USDT, with tokens needing to be locked and released linearly. However, due to the lack of a contract, my colleague and I ended up working hard for so long without earning a penny; it is, quite literally, the case that we didn’t earn a single token.”