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Rushi Manche, the recently terminated co-founder of Movement Labs, has announced the formation of a new venture firm, Nyx Group, with a $100 million plan to invest in token-based projects. The launch follows Manche's controversial departure from Movement Labs amid a scandal involving a problematic market-making agreement that led to a significant token price collapse.
The collapse of the MOVE token, following a scandal involving undisclosed market-making deals by Movement Labs' co-founder Rushi Manche, has intensified regulatory and investor scrutiny on early-stage crypto projects. The event highlights a broader market flight to quality, as regulators begin to draw clearer lines between established assets and more speculative tokens.
