Rushi Manche
Summary
Rushikesh 'Rushi' Manche is the co-founder and former CEO of Movement Labs (MVMT Labs, Inc.), a blockchain infrastructure startup that raised at a $3 billion valuation and launched the MOVE token in December 2024. He was suspended on May 2, 2025 and terminated on May 7, 2025 following a third-party investigation by Groom Lake that, according to Movement Labs, linked him to a controversial market-making arrangement with intermediary Rentech and Chinese firm Web3Port that allegedly enabled a coordinated dump of approximately 66 million MOVE tokens within 24 hours of launch, causing an estimated $38 million in downward price pressure. A U.S. Department of Justice grand jury investigation into the MOVE token launch is confirmed; as of the date of this page no charges, indictment, or criminal finding against Manche has been publicly reported. MVMT Labs filed for Chapter 11 bankruptcy on July 15, 2026, listing Manche as its largest unsecured creditor with a $1.6 million claim while he simultaneously retains a 34.25% equity stake in the company.
Connected Entities
1 entities- + 9 more
Timeline(19 events)
2022-11
Rushi Manche and Cooper Scanlon co-found Movement Labs to extend the Move programming language to Ethereum and other ecosystems.
UseTheBitcoin profile; CoinDesk Most Influential2024-11-25
Web3Port signs agreement with Rentech, which purports to act as a Movement Foundation agent.
CoinDesk — Inside Movement's Token-Dump Scandal2024-11-27
Rentech proposes initial market-making agreement to Movement. Movement Foundation general counsel YK Pek reportedly flags serious concerns, labeling it 'possibly the worst agreement' he had reviewed.
CoinDesk — Inside Movement's Token-Dump Scandal2024-12-08
Movement Foundation signs revised market-making agreement with Web3Port through Rentech, one day before the MOVE token debut.
CoinDesk — Inside Movement's Token-Dump Scandal2024-12-09
MOVE token debuts on major exchanges including Binance.
CoinDesk — Inside Movement's Token-Dump Scandal2024-12-10
Approximately 66 million MOVE tokens (roughly 5% of total supply) are sold into the market, creating an estimated $38 million in downward price pressure. Binance bans the market-making account for misconduct.
CoinDesk; CryptoNinjas Binance ban report2025-03-18
Binance formally offboards the Web3Port market-making account, freezes its assets, and partners with Movement Network Foundation on a reported $38 million MOVE repurchase plan.
Movement Labs Bankruptcy Details — Cryptonomist2025-03-31
Manche signs an Indemnification Agreement with MVMT Labs, per Delaware court filings.
Sidley/Enhanced Scrutiny — Delaware Chancery Advancement Case2025-04-30
CoinDesk publishes its investigation 'Inside Movement's Token-Dump Scandal: Secret Contracts, Shadow Advisers and Hidden Middlemen,' detailing Manche's alleged role in forwarding and promoting the Rentech contract.
CoinDesk2025-05-01
Coinbase announces MOVE token will move to limit-only trading and be delisted, citing failure to meet listing standards.
CryptoSlate — Coinbase delisting2025-05-02
Movement Labs publicly confirms suspension of Rushi Manche, citing 'ongoing events' and the pending Groom Lake third-party review.
Movement Labs on X; CoinTelegraph2025-05-07
Movement Labs formally terminates Rushi Manche. Move Industries is announced as a successor entity under new leadership (Torab Torabi, CEO).
Decrypt; CoinTelegraph2025-05-early
DOJ issues a grand jury subpoena to MVMT Labs regarding 'market-making activities associated with a recent token launch,' per Delaware court filings.
Sidley/Enhanced Scrutiny — Delaware Chancery Advancement Case2025-07-09
Manche files suit against MVMT Labs in Delaware Court of Chancery (C.A. No. 2025-1407-CDW), seeking declaratory judgment and advancement of legal fees.
The Defiant; Justia2025-10
Manche's counsel contacts an Assistant United States Attorney. MVMT Labs subsequently denies Manche's advancement request, arguing he had 'initiated' the DOJ proceeding.
Sidley/Enhanced Scrutiny2025-12-11
Manche announces Nyx Group, a $100 million multi-strategy investment fund targeting token-launch projects.
PR Newswire; The Block2026-03-06
Delaware Magistrate Wright issues 52-page ruling granting Manche advancement of legal fees, holding that contacting the DOJ after an investigation has begun does not constitute 'initiating' a proceeding under the Indemnification Agreement.
Justia — Rushikesh Manche v. MVMT Labs (2026); Sidley2026-06-03
Vice Chancellor Laster schedules hearing on exceptions to Magistrate Wright's advancement ruling.
Sidley/Enhanced Scrutiny2026-07-15
MVMT Labs, Inc. files voluntary Chapter 11 bankruptcy petition in U.S. Bankruptcy Court, District of Delaware, under Subchapter V. Manche is listed as the largest unsecured creditor with a $1.6 million claim while retaining a 34.25% equity stake.
CoinDesk; The BlockDecision Log
- #1publish⛓ pending8/13/2026, 11:13:48 PMhash: 6782vtfHn1o4M6QTMD5Qwdwk8Ayj5us3D3xjTCBADib3
19 of 24 cited source URLs have an Internet Archive snapshot.
model: claude-sonnet-4-6
generated: 8/13/2026, 11:13:38 PM
last updated: 8/14/2026, 5:37:18 AM
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