CEO of Sports Labs – The Blockchain Project Behind move The token has been officially dismissed after serious allegations of market manipulation. The incident not only led to a shift to a downward price, but also caused Coinbase to suspend transactions on tokens and triggered extensive internal investigations.
Sports CEO fires in scandal
The turmoil continues to hit the Blockchain Project Sports Lab after a series of market manipulation allegations related to local token moving, with Rushi Manche, its CEO and co-founder, being formally dismissed.
The exercise laboratory has terminated Rushi Manchester. The movement will continue under different leadership.
Details on leadership changes and revising governance structures will be released soon.
– Sports (@movementlabsxyz) May 7, 2025
It sparked controversy and attracted widespread attention from the cryptocurrency community after Coinbase unexpectedly announced it would suspend mobile trading on May 15. Hours later, the Sports Laboratory announced that it had suspended Rushi Manche, marking the beginning of a shocking wave of revelations.
According to a Coindesk investigation, despite legal objections from the company’s compliance team, Manche allegedly exceeded his authority to drive transactions between sports labs and market makers (MMs).
The deal grants marketers control over 66 million mobile tokens, a large enough number to significantly manipulate the market. Binance later blacklisted its sellers to violate rules related to price manipulation.
Rushi Manche acknowledged his fault in a statement released on X, saying he was “too trusted” and did not foresee a conflict of interest between consultants and dealers. However, his explanation hardly calmed the angered investors’ opposition.
Read more: 80% drop: catalyzed by negative information overload.
Binance suspends Hodler Airdrop plans amid mobile lab scandal
In a significant development related to the controversy, Binance announced the suspension of its Hodler Airdrop program to make the action token. According to an earlier statement in early May, Binance plans to allocate 5% of the total supply of Move to long-term holders six months after the initial list of tokens.
However, due to ongoing events surrounding the mobile lab, Binance decided to postpone the program until the project provides greater transparency about its current situation. The team will place airdrop tokens in public wallets to ensure transparency with the community.
Binance stressed that user protection and transparency standards remain their top priorities, and the exchange will closely monitor development and update its policies accordingly.
Project continues to operate, new leaders disclose disclosure
A Sports Laboratory spokesman said the project will continue to operate normally under the guidance of a new leadership team. The team will announce details on the updated organizational structure and the strategic direction of the project in the near future.
Mobile Price – Source: Coingecko
Amid the escalating scandal, Sports Labs has also launched a token buyback program to limit investor losses and restore community trust. In addition, the team has committed to continuing its internal investigation to articulate the responsibilities of all parties involved to ensure transparency and accountability advancement.
