Movement Labs and the Movement Network Foundation have launched an independent investigation into recent market-making irregularities related to the MOVE token, following Binance's removal of a market maker.
Reasons for the Investigation
The investigation was initiated after Binance last month removed an unnamed market maker from its platform due to "irregularities" related to the MOVE token. A spokesperson for Movement Labs confirmed that the investigation is a standard third-party review aimed at ensuring "full transparency and accountability."
Internal Discussions and Messages
Internal Slack messages reveal Movement co-founder Cooper Scanlon informing colleagues that "various avenues are still being explored" and that "nothing is definitive yet." The identity of the external firm conducting the review has not been disclosed.
Temporary Departure of Movement Labs Co-founder
Movement Labs co-founder Rushi Manche has reportedly temporarily left the company. Sources indicate that Scanlon announced the move during a meeting on Monday, and Manche did not attend an internal event in San Francisco last week. Nevertheless, Manche insists he remains actively involved with Movement Labs and is participating in "weekly ecosystem syncs" with developers.
The investigation by Movement Labs underscores the importance of maintaining transparency in the cryptocurrency industry, especially in light of recent changes in the MOVE token market.
