Rushi, co-founder of the controversial Movement, has launched the Nyx Group, planning to invest $100 million.

Movement Labs co-founder Rushi Manche today announced a new investment program, Nyx Group, aiming to deploy up to $100 million in the crypto token 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 Movement market maker token sell-off controversy, and after being dismissed, he filed a civil lawsuit against MVMT Labs.

Nyx Group is led by Rushi and an unnamed executive director who serve as limited partners.

Nyx Group is funded by Rushi and several unnamed partners and family offices. The team stated that the current challenging crypto market environment makes it difficult for founders to raise funds when issuing tokens. Nyx Group will assist founders in successfully bringing their projects to market by providing liquidity and practical operational support.

Nyx Group reportedly began fundraising in August. Rushi emphasized that the group only invests in founders whom the team personally knows and deeply trusts, and focuses on projects that can create technological innovation or community value. Rushi pointed out that the team's goal is to be the most founder-friendly partner.

Rushi stated that Nyx Group collaborates with multiple law firms to maintain compliance across jurisdictions. He believes that while some funds already offer liquidity support before and after token listings, Nyx Group differs in that it provides extensive post-listing operational collaboration.

Rushi's attempt to obtain an injunction demanding Movement pay his legal fees was rejected by the court.

The timing of the founding of Nyx Group has attracted considerable attention from the industry. Earlier this year, Movement Labs was embroiled in controversy over its market-making arrangements, involving the sale of 66 million MOVE tokens (approximately 5% of the total supply) shortly after issuance, which sparked questions from exchanges and the community. Subsequently, Movement Labs underwent a third-party review and reorganized into Move Industries, and Manche was dismissed as a result.

( MOVE crashes immediately after listing! CoinDesk exposes market makers ripping off investors and sharing the profits; Movement claims to be a victim )

Previously, ABMedia exclusively reported that Rushi had filed a civil lawsuit against MVMT Labs (the operator of Movement). Yesterday, the Delaware court rejected his application for an injunction, and the case is still pending. Rushi's LinkedIn page has now removed his Movement history.

( Exclusive disclosure of court documents! Former Movement founder Rushi has officially filed a civil lawsuit against MVMT Labs )

This article, which discusses the controversial Movement co-founder Rushi's establishment of Nyx Group with plans to invest $100 million, first appeared on ABMedia, a ABMedia .