So Rushi Manche is back in the game. After getting booted from Movement Labs last year, he's now launched Nyx Group with a $100M fund backing blockchain founders. Worth paying attention to if you've been following the crypto drama.

For context, Manche's exit from Movement Labs wasn't exactly clean. Back in May 2025, the whole thing imploded when Coinbase delisted the MOVE token after a market maker dumped 66 million tokens on the market, pocketing $38 million in the process. Internal documents showed shadow advisers had received suspicious token allocations, and the governance mess exposed some seriously chaotic operations. The token tanked 23% to $0.18 after the delisting and has since lost over 70% from its peak. Manche got suspended while they investigated, then officially let go on May 7. Pretty rough ending.

But here's the thing about Rushi Manche - he's not the type to stay down long. Now he's positioning Nyx Group as this multi-strategy investment vehicle with a different philosophy. The fund is targeting founders he personally knows and trusts, which is actually kind of interesting given what went down at Movement Labs. The idea is to deploy up to $100M into liquid markets while providing hands-on support for token launches.

What makes Rushi Manche's new approach different is the selectivity. They're not backing just anyone - only founders building projects with real community value or genuine tech innovation. The group apparently started operating quietly a few months ago and has already made some initial moves, though Manche kept the details close. Investment decisions go through a committee, and they're looking for founders with backing from solid funds or showing real traction in revenue, users, and community strength. They're even considering taking governance roles or board seats in projects they support.

The statement from Manche himself is telling: he's framing this as the kind of support he wished he'd had during his own journey. Whether that's genuine reflection or strategic repositioning, the market will decide. Either way, Rushi Manche is betting that founders will trust him with their capital after everything that went down. That's a bold move.