Just noticed something interesting about Rushi Manche's comeback story in crypto. After getting booted from Movement Labs last year amid some pretty serious governance drama, he's back with a new venture called Nyx Group and a $100 million fund to back blockchain founders.

What caught my attention is how Rushi Manche is positioning this differently. Instead of the typical VC approach, Nyx Group is focusing exclusively on founders the team knows and deeply trusts. The group deployed capital into liquid markets while offering hands-on operational support—helping founders raise capital, attract investors, structure foundations, and build key partnerships. Manche says they've already been quietly operating for a few months with some initial investments, though details remain sparse.

The investment thesis is pretty clear: back founders building projects with real community value or genuine tech innovation. They're also considering taking governance positions or board seats in portfolio projects. Sounds like Rushi Manche learned something from his previous experience about what founders actually need during tough market conditions.

But here's the context everyone should know. Movement Labs, which Rushi Manche co-founded with Cooper Scanlon, went through absolute chaos. In December 2024, 66 million MOVE tokens got dumped on the market—a market maker called Rentech made $38 million from that single trade. Coinbase eventually delisted the token after the scandal broke. Internal documents revealed shadow advisers had received massive token allocations through questionable agreements, exposing complete operational dysfunction.

After the investigation, Movement Labs suspended Manche in May 2025 and eventually let him go. The MOVE token tanked hard. It hit an all-time low of $0.18 back then, and honestly, it's been brutal since—currently trading around $0.02, down roughly 98% from its peak of $1.34. The company rebranded as Move Industries under new leadership.

So here's what's interesting about Rushi Manche's return with Nyx Group: it feels like a calculated reset. He's being more selective, more transparent about process, and emphasizing the operational support angle. Whether this fund actually delivers on its promises or becomes another cautionary tale in crypto will be worth watching. The space definitely needs better capital allocation mechanisms, and if Rushi Manche can execute this without repeating past mistakes, it could matter.