Movement Labs co-founder Rushi Manche announced today the launch of a new investment plan, Nyx Group, aiming to deploy up to $100 million in the cryptocurrency market over the next few years and provide liquidity and operational support to founding teams preparing to issue tokens. Previously, Rushi was involved in a controversy regarding the Movement market maker token sale and filed a civil lawsuit against MVMT Labs after being dismissed.
Nyx Group is co-funded by Rushi and an unnamed family office serving as LP
Nyx Group is co-funded by Rushi and several unnamed partners and family offices. The team stated that the current cryptocurrency market environment is challenging, making it difficult for founders to secure funding when issuing tokens. Nyx Group will assist founders in smoothly bringing projects to the market through liquidity investments and providing practical operational support.
It is reported that Nyx Group has been raising funds since August. Rushi emphasized that the group only invests in founders they personally know and deeply trust, and targets projects that can create technological innovation or community value. Rushi pointed out that the team's goal is to become the most friendly partner to founders.
Rushi stated that Nyx Group collaborates with multiple law firms to maintain compliance across jurisdictions. He believes that although there are funds in the market providing liquidity support before and after token listings, Nyx Group's difference lies in its provision of substantial post-listing operational collaboration.
Rushi's injunction request for Movement to pay attorney fees was denied by the court
The timing of the establishment of Nyx Group has attracted industry attention. Earlier this year, Movement Labs faced a controversy over its market-making arrangements, involving 66,000,000 MOVE tokens (about 5% of the total supply) being sold shortly after issuance, raising questions from exchanges and the community. Subsequently, Movement Labs underwent a third-party review and restructured into Move Industries, and Manche was also dismissed following the incident.
(MOVE crashes immediately upon listing! CoinDesk reveals that market makers are profiting at the expense of others, with Movement claiming to be the victim)
Previously, Chain News exclusively disclosed that Rushi personally filed a civil lawsuit against MVMT Labs (the operator of Movement), and yesterday the Delaware court denied his request for an injunction. The entire case is still under review. Currently, Rushi's LinkedIn page has removed his experience at Movement.
(Exclusive court document disclosure! Movement co-founder Rushi officially files a civil lawsuit against MVMT Labs)
This article discusses the controversial co-founder of Movement, Rushi, who established Nyx Group, planning to invest $100 million, first appearing in Chain News ABMedia.
