Controversial Movement co-founder Rushi establishes Nyx Group, plans to invest $100 million

Co-founder of Movement Labs, Rushi Manche, announced today the launch of a new investment project, Nyx Group, with the goal of deploying up to $100 million into the cryptocurrency token market over the next few years, providing liquidity and operational support for founding teams preparing to issue tokens. Previously, Rushi was involved in the controversy over Movement’s market-making token sell-off and was dismissed, subsequently filing a civil lawsuit against MVMT Labs.

Nyx Group is backed by Rushi and unnamed family office LPs.

Nyx Group is funded by Rushi along with several unnamed partners and family offices. The team stated that the current crypto market environment is challenging, and founders find it difficult to secure funding when issuing tokens. Nyx Group will support founders by providing liquidity and practical operational assistance to help bring projects to market smoothly.

It is understood that Nyx Group has been fundraising since August. Rushi emphasized that the group only invests in founders personally known and deeply trusted by the team, focusing on projects that can create technological innovation or community value. Rushi pointed out that the team’s goal is to become the most founder-friendly partner.

Rushi stated that Nyx Group collaborates with multiple law firms to maintain compliance across jurisdictions. He believes that although some funds already offer liquidity support before and after token listings, Nyx Group’s difference lies in providing extensive operational collaboration post-listing.

Rushi seeks a restraining order to compel Movement to pay legal fees, but the court rejected the request.

The timing of the establishment of Nyx Group has attracted industry attention. Earlier this year, Movement Labs experienced a controversy involving a market-making arrangement, where approximately 66 million MOVE tokens (about 5% of the total supply) were sold shortly after issuance, prompting questions from exchanges and the community. Subsequently, Movement Labs underwent a third-party review and restructured as Move Industries. Manche was also dismissed following the incident.

(MOVE plummeted immediately after listing! CoinDesk reports market makers profiting from wash trading and redistribution, Movement claims to be a victim)

Previously, Chain News exclusively disclosed that Rushi personally filed a civil lawsuit against MVMT Labs (Movement operations). Yesterday, a Delaware court rejected his request for a restraining order. The case is still under review. Currently, Rushi’s LinkedIn profile has removed his experience at Movement.

(Exclusive court documents reveal! Movement’s former founder Rushi officially files a civil lawsuit against MVMT Labs)

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