Why did this encryption platform suspended its co -founder?

Great news appeared in the world of cryptocurrencies. Movement Labs, the mother company’s parent company, has suspended its co -founder, Rushi Manche. This decision was taken due to the controversy and the market is made on the distinctive symbol.

This decision came a few hours after the famous Coinbase Coinbase, this distinctive symbol of its platform. The center of this controversy is a suspicious market maker, according to the allegations, Move Tokens has a value of about $ 38 million in the market during the Crypto Airdrop movement in December.

Movement Labs confirmed this in a publication on X. They said: “This decision was taken in light of current events and a continuous review of GROOM Lake, which is achieved in the governance of the organization and recent events that include market makers.”

Renic’s deal has become a major cause of controversy

According to the Coindsk report, Movement Labs, led by Rushi Manche, has signed a market creation bond with a company called Rentting. The report claimed that Rentting was represented as a company affiliated with Web3Por.

According to this agreement, more than 5 % of the total offer from the distinctive symbol to move and Rentting has been delivered to raise the price of the code to 5 billion dollars, then sell it and exchange profit. At the same time, this type of activity is known as the “pump and discharge” in the encryption market, which is not only illegal but also reduces investor confidence.

Move token price has seen a significant decrease since this controversy. The price of the distinctive symbol decreased by about 22 % in the past 24 hours, and at the time of this report of the news, the distinctive symbol was circulating by about $ 0.1950, which is less than 86 % of its height at all in December.

Warning for encryption investors: It is time for transparency and security

This incident explains how important transparency and appropriate governance in encryption projects. The way Movement Labs dealt at first caused great losses in many investors, and this incident shows that before investing in any project, it is extremely important to search for the background of its team, the symbolic economy, and the marketing strategy.

Rushi Manche, co -founder of Movement Labs, explains that the company takes this crisis seriously and takes steps to maintain transparency. Although GROOM Lake’s achievement has not yet been completed, initial procedures indicate that the organization is trying to rebuild confidence. It will be interesting to see in the coming days how this situation affects the cryptocurrency market and the future of the distinctive symbol. If you want to know the encryption market in detail, you can visit NFT News, exchange encryption, and Blockchain news sections. You will get detailed information related to new projects such as the launch of the XRPL EVM TESTNET.

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