Movement launched an internal investigation into recent anomalous market maker behavior, and the co-founders went on vacation

Movement Labs and Movement Network are reviewing market makers found to be unusual last month, Binance removed an unnamed market maker due to "misconduct" in the MOVE token, and according to information leaked from Slack within Movement Labs, Movement Labs and the Foundation launched an internal investigation of the market maker.

When Blockworks contacted a Movement Labs spokesperson, he confirmed that Movement was conducting a third-party review. Internal Slack messages seen by Blockworks revealed that Cooper Scanlon, co-founder of Movement, is still fumbling through recent events and is still inconclusive.

In a message to Blockworks, a Movement Labs spokesperson said that the Movement Network Foundation is conducting a third-party review of the recent unusual behavior of the market maker, which is the best course of action to ensure full transparency and accountability, and that it is inappropriate to speculate about the results of the review or any actions that may be taken, and the names of the third parties involved in the investigation were not disclosed. During the internal review, Movement will continue to operate as normal.

The co-founder of Movement Labs is on leave

Multiple sources told Blockworks that Movement Labs co-founder Rushi Manche has temporarily left the company for an unknown time. Manche's "temporary leave" was announced at Movement's company meeting, a source said, and people familiar with the matter said the company held an in-person meeting in San Francisco last week, but Manche was not present.

Manche told Blockworks that he was "still there" at Movement Labs, but neither Manche nor Movement Labs specifically answered the question of whether he was on vacation.

The whereabouts of the co-founders are unknown, but they are still posting on the community

The reason and length of Manche's leave has not been made public, and one source said employees had noticed that Manche's profile did not appear in the company's internal Slack. However, Manche's Slack account mysteriously appeared before Monday's end. Manche told Blockworks that he still uses Slack and has been on conference calls throughout the week.

On Monday afternoon, the same day that Manche's "going on vacation" was announced internally, Manche advertised via X that he and co-founder Cooper Scanlon were working with developers on weekly system updates.

Binance did not respond to Blockworks' request for comment regarding the market maker's unusual behavior. Cryptocurrency detective ZachXBT was informed that the market maker project was related to Web3Port, but Movement declined to name the market maker at the time.

According to Blockworks, Web3Port has been interacting with Movement Labs' social media posts over the past few months. (Disclosure: Jason Yanowitz, co-founder of Blockworks, is an angel investor in Movement Labs.) ）

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