Nyx Group, a new multi-strategy investment initiative announced by MOVE Labs co-founder Rushi Manche and several unnamed partners, plans to deploy up to $100 million into liquid markets to support vetted projects preparing token launches.
The group aims to provide liquid capital, expertise, and hands-on operational support to blockchain founders navigating the complexity of token launches and bringing projects to market — from community building to treasury management and regulatory compliance, according to a statement. Manche told The Block that Nyx Group has already been operating for a few months and has made some initial investments, without providing specific details.
Manche previously co-founded Movement Labs, the startup developing a Move-based network that later announced plans to transition from an Ethereum sidechain design to a standalone Layer 1 blockchain. Earlier this year, Movement Labs suspended and then terminated Manche following a controversy involving a market-making arrangement tied to 66 million MOVE tokens.
"Mistakes were made," Manche stated previously during a third-party review, though he denied coordinating any improper activity.
Movement Labs initiated a third-party review before restructuring under new leadership as Move Industries. At the time, Manche denied coordinating any improper activity and subsequently declined to comment on issues related to Movement due to ongoing litigation.