The DeFi startup removed its co-founder after revelations of opaque market-making deals involving MOVE tokens, prompting exchange delistings and heightened regulatory scrutiny.
Movement Labs dismissed co-founder Rushi Manche in April 2025 after internal documents revealed a controversial token allocation arrangement with intermediary firm Rentech, tied to market-maker Web3Port. Rentech controlled roughly 66 million MOVE tokens (about 5% of total supply), which were quickly sold, triggering a price collapse and backlash. Major exchanges, including Coinbase, suspended or delisted MOVE, while the incident intensified industry concerns about hidden token deals and insider trading risks. As of October 2025, GoPlus reported $4.7 million total revenue, led by its app and SafeToken Protocol, and significant volumes for its $GPS token. Additionally, Helium announced a Brazil expansion via a joint venture with Mambo WiFi.