Rushi Manche, who was terminated following a token deal controversy, seeks a declaratory judgment against Movement Labs.<\/p>\n
Rushikesh Manche, a co-founder of crypto infrastructure startup Movement Labs<\/a>, filed a lawsuit against the company on July 9 in Delaware\u2019s Court of Chancery, two months after his termination.<\/p>\n The case<\/a>, titled Manche v. Mvmt Labs Inc., seeks a declaratory judgment under corporation law, a legal action often used to determine the rights or obligations of involved parties. Manche is represented by the law firm Ballard Spahr, with attorney David J. Margules listed on the docket. The case is currently assigned to Chancellor Paul A. Fioravanti Jr. of the Delaware Court of Chancery. <\/p>\n Manche did not respond to The Defiant\u2019s request for comment. A spokesperson for Movement Labs said the firm had \u201cno comment\u201d on the matter.<\/p>\n Manche co-founded Movement Labs in 2022 alongside Cooper Scanlon and other early contributors with the goal of integrating the Move virtual machine into Ethereum environments.<\/p>\n Movement Labs, which is building Ethereum<\/a>-compatible blockchain infrastructure using the Move programming language, rose to prominence in early 2024 after securing funding and launching ecosystem tools designed to bring Move\u2019s safety guarantees to EVM chains.<\/p>\n Movement Labs has raised approximately $41.4 million to date, including a $3.4 million pre-seed round in 2023 and a $38 million Series A led by Polychain Capital in April 2024, according to Clay.com<\/a>. The company was also reportedly preparing a $100 million Series B round at a projected $3 billion valuation in January, according to Fortune<\/a>.<\/p>\n However, tensions boiled in April when a CoinDesk investigation<\/a> linked Manche to a market-making agreement that gave Web3Port, through an entity called Rentech, access to 66 million MOVE tokens, or roughly 5% of supply. The tokens were quickly sold, triggering a price crash and raising concerns over undisclosed arrangements and governance controls.<\/p>\nHefty Funding Rounds<\/h2>\n
MOVE Token Sale <\/h2>\n