Movement Labs, the development firm of the Movement network, has officially cut ties with co-founder Rushi Manche following controversy surrounding undisclosed MOVE token deals.

The announcement came via the company’s X account early Tuesday, stating that “Movement Labs has terminated Rushi Manche’s employment and all affiliations with the company effective immediately.”

It has yet to name a replacement or outline next steps for governance restructuring.

The decision follows a CoinDesk report that first revealed secret agreements between Movement-linked entities and market makers during the project’s token launch.

CoinDesk reported the existence of shadow advisors, hidden payment flows, and undisclosed token allocations surrounding MOVE’s debut. Manche was directly tied to those arrangements, according to internal documents and investor correspondence reviewed by CoinDesk.

Manche was initially suspended on May 2, shortly after Coinbase delisted the MOVE token. The delisting followed mounting community pressure on how the company operates behind-the-scenes and project governance.

MOVE prices are down 8.5% in the past 24 hours, a bulk of the slide coming after Manche’s termination. The token is down 35% in the past week.

It’s the Fed day again, and traders are seeking cues on how much volatility this key event might spark. According to Volmex’s implied volatility indices, major tokens could see price swings, but nothing out of the ordinary is anticipated.

According to data source TradingView, Volmex’s annualized one-day bitcoin implied volatility index (BVIV) stood at 49% as of writing, which equates to an expected 24-hour price swing of 2.56%.

In other words, bitcoin could swing by $2,470 in either direction. As of writing, bitcoin changed hands at around $96,500.

The expected daily volatility in percentage terms is determined by dividing the annualized percentage by the square root of 365, as the digital assets market is open 24/7. In traditional markets, conversion from annualized to daily involves the square root of 252 days.

As of writing, ETH’s annualized one-day volatility was 66%, suggesting a 24-hour price swing of 3.45%. Similarly, Volmex’s one-day implied volatility index suggested a 24-hour move of 4.3% in Solana’s SOL token.

Volmex doesn’t publish volatility indices tied to payments-focused cryptocurrency XRP. That said, the expected move in the token could be gauged from the forward implied volatility (IV) derived from options listed on Deribit.

The forward IV for May 8 was 77.98% at press time, according to data source Amberdata. That equates to a one-day expected move of 4.08%.

The Federal Reserve will announce its rate decision at 18:00 UTC, which will be followed by chairman Jerome Powell’s press conference at 18:30 UTC.

The central bank is expected to hold rates unchanged, but commentary on the economic outlook against the trade war backdrop and possibility of a rate cut in June could move markets.

A thawing in the trade stance from both the U.S. and China has sent risk assets higher in the hours since the U.S. stock market closed on Wednesday.

«The current tariffs and trade barriers are unsustainable, but we don’t want to decouple,» said U.S. Treasury Secretary Scott Bessent, disclosing plans to travel to Switzerland to meet with Chinese counterparts for trade talks this coming weekend.

«Senior U.S. officials have made a series of remarks hinting at adjustments to tariffs and have expressed, through various channels, a desire to engage with the Chinese side on tariff-related issues,» said a China Ministry of Commerce spokesperson. «China has carefully evaluated these messages from the U.S. side and, after fully considering global expectations, China’s own interests, and the appeals of American industries and consumers, has decided to agree to engage with the U.S.»

The news has quickly sent bitcoin (BTC) higher by about 3% to $97,200. Nasdaq 100 and S&P 500 futures have jumped about 1%.