A big news has come out in the world of cryptocurrency. Motion Community’s parent company Motion Labs has suspended its co-founder Rushi Manche. This decision has been taken due to controversy and market-making scam arising about Move Token.
This decision came when the popular Crypto Trade Coinbase has deliberated MOVE TOKEN from its platform a few hours ago. The center of this controversy has become a suspected market maker, according to the allegations, dumped about $ 38 million in the Motion Crypto AirDrop in December in the Move Token Market.
Motion Labs has confirmed it by posting on X. He said, “This decision has been taken in view of the current events and the third party review by GROM LAKE, which is investigating the organization’s governance and recent events related to the market maker.”
Rentech’s deal became a big reason for controversy
According to Coindesk’s report, in the leadership of Rushi Manche, Motion Labs signed a market-making bond with a company called Rentech. The report claimed that Rentech was incorrectly presented as a subsidiary of the Web3Por.
According to the agreement, Rentech was assigned about 5% of the Total Supply of Move Token and Rentech was encouraged to reach the token price to $ 5 billion and then to share the profit by selling it. At the same time, this type of activity is known as “Pump and Dump Scheme” in the Crypto Market, which is not only Iligal but also reduces the trust of investors.
Since this contrast Move token value There has been a big decline in. In the last 24 hours, the price of tokens has been recorded by about 22% and was trading around the Move Token $ 0.1950 at the time of the news, which is 86% below the all -time high touched in December.
Warning for Crypto Investors: Transparency and Safety Time
This incident shows how important transparency and correct governance is in crypto projects. The manner in which Motion Labs initially deals with the market maker has caused a lot of damage to many investors and it is clear from this incident that it is very important to do research on his team’s background, token economics and marketing strategy before investing in any project.
Conclusion
The suspension of Motion Labs co-founder Rushi Manche shows that the company is taking this crisis seriously and taking steps to maintain transparency. Although the investigation of Groom Puddle has not been completed yet, initial action indicates that the organization is trying to re -create confidence. In the coming days, it will be interesting to see what this case affects the cryptocurrency market and the future of Move Token. If you want to know in detail about Crypto Market, then you can go to our NFT Information, Crypto Exchanges and Blockchain Information section. Where you will find XRPL EVM Testnet CreationSuch as detailed information related to new projects.
