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Company Movement Labs dismisses co-founder Rushi Manche amidst chaotic week's events

Rebranding to Move Industries after terminating co-founder Rushi Manche, Movement Labs faces scrutiny over a token dumping scandal and negative response from market makers.

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Movement Labs, the company, has dismissed its co-founder Rushi Manche and transformed into Move...
Movement Labs, the company, has dismissed its co-founder Rushi Manche and transformed into Move Industries amidst a token dumping controversy and negative response from market makers.

Company Movement Labs dismisses co-founder Rushi Manche amidst chaotic week's events

A New Era for Movement Labs: Rebuilding Trust and reinventing Governance

Here's what happens when crypto gets shaken to its roots

TL;DR:- Movement Labs co-founder Rushi Manche was fired due to a controversial token dump by market maker Rentech, causing a governance crisis and a 34% drop in MOVE token value.- Move Industries, led by Torab Torabi (CEO) and Will Gaines (President and CMO), has taken over the project, vowing to return to crypto's radical roots and focus on improved transparency, strong governance, and builders.

Movement Labs, an Ethereum layer-2 startup, has undergone a significant transformation, culminating in the ousting of co-founder Rushi Manche following a turbulent week of scandals, market-maker fallout, and escalating community pressure.

"Movement Labs has given Rushi a pink slip. The company continues to operate under fresh leadership," the team announced on their platform.

The stage was swiftly set for the launch of Move Industries, a new company branded as the phoenix rising from the ashes of the project. The new team, led by Torab Torabi as CEO and Will Gaines as President and CMO, positioned the shift as a return to "crypto's radical roots" and expressed a commitment to greater transparency, stronger internal governance, and a focus on builders.

Manche, reached for comment, declined to provide his perspective on the situation.

The controversy began when Rentech, a market maker, dumped 66 million MOVE tokens, amounting to 5% of the token's supply, within 24 hours of the coin's launch in December 2023. The deal, which allegedly saw Rentech pose as an affiliate of Chinese firm Web3Port, went ahead despite legal concerns flagged by Movement's own legal team.

Manche's continued involvement and violations of governance principles, including his managing both Movement Labs and the nonprofit foundation, were seen as a major factor in the reign of chaos. Binance froze $38 million in proceeds and offboarded the offending market maker, accusing them of flooding the platform with sell orders accompanied by a dearth of buy support.

In response, Coinbase confirmed the suspension of MOVE token trading from May 15, 2025, citing a routine asset review. The token's value plummeted to $0.1579 following the announcement, the lowest ever.

At the current moment, MOVE is trading at approximately $0.16, bleeding upwards of 8.5% in the past 24 hours and a substantial 34% decline over the past week, according to CoinGecko data.

Despite the whirlwind of events, Move Industries remains optimistic, assuring users that all previously announced initiatives, including MoveDrop, Parthenon, DeFi Spring, and network updates, are still in progress. An AMA is scheduled for Friday to clarify the changes and guide users through the new landscape.

The takeover of Movement Labs by Move Industries marks a significant restructuring of the MOVE token project, spurred by leadership changes, scandal, and renewed focus on governance and community trust.

The leadership overhaul took place on May 7, 2025, with the appointment of Torab Torabi as CEO and William Gaines as President and CMO. This decisive move was made in response to a market manipulation scandal, poor governance, and the need to rebuild trust within the MOVE token ecosystem.

Move Industries plans to streamline operations under three core pillars: Community/Brand, Engineering/Product, and Ecosystem/Business Development. The new leadership also pledges technological upgrades and enhancements to projects like Parthenon and MoveDrop. Notably, the team emphasizes improved transparency, rigorous project vetting, regular community engagement, and communication to restore trust and prevent future governance failures.

  1. The MOVE token project underwent a significant restructuring with the takeover of Movement Labs by Move Industries.
  2. This transformation was sparked by leadership changes, a market manipulation scandal, and the need to enhance governance and rebuild community trust.
  3. Torab Torabi was appointed as the CEO, and William Gaines took on the roles of President and Chief Marketing Officer in this move.
  4. Move Industries aims to operate under three core pillars: Community/Brand, Engineering/Product, and Ecosystem/Business Development.
  5. The new leadership also promises technological advancements and improvements for projects like Parthenon and MoveDrop.
  6. To restore trust and prevent future governance issues, Move Industries promises enhanced transparency, rigorous project vetting, regular community engagement, and effective communication.
  7. Despite the whirlwind of recent events, Move Industries assures that all previously announced initiatives, including MoveDrop, Parthenon, DeFi Spring, and network updates, are still ongoing.
  8. In the midst of the crisis, Move Industries remains optimistic, scheduling an AMA for Friday to clarify changes and guide users through the new landscape in the cryptocurrency, technology, and finance industries.

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