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Movement Labs Replaces Leadership, Launches Move Industries Amid Scandal
By: bitcoin ethereum news|2025/05/07 19:45:01
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Movement Labs has cut ties with co-founder Rushi Manche following backlash over a secretive market-making agreement involving millions of MOVE tokens. Also entirely new entity “Move Industries” emerges under fresh leadership to restore trust and transparency.The company announced the decision Wednesday via X (formerly Twitter), saying: “Movement Labs has terminated Rushi Manche. Movement will continue under different leadership.” Clean Break: Move Industries Takes the Helm Just hours later, Movement revealed a significant shift: the formation of a new company called Move Industries, led by early team members Torab You and Will Gaines. “In light of recent news, we needed a clean break,” the new leadership explained. “Movement started with the community and our builders. We’re returning to our roots.” Move Industries has pledged to operate with more openness. Leadership plans to hold regular town halls, improve project vetting, and focus on both technology and community-driven development. “We’re building on more than hype — we’re committed to action,” the statement read. Controversial Deal Sparks Shake-Up The shake-up follows revelations about a market-making deal secretly arranged by Manche, which involved 66 million MOVE tokens — about 5% of the token’s total supply. The deal gave a market maker the ability to offload a significant volume of tokens, reportedly triggering a sharp drop in MOVE’s price. These actions fueled accusations of market manipulation and led to intense backlash from the crypto community. With new leadership and a rebranded company, Move Industries now faces the challenge of rebuilding trust and moving forward with a renewed focus. Reporter at Coindoo Kosta has been a part of the team since 2021 and has solidified his position with a thirst for knowledge, incredible dedication to his work and a “detective-like” mindset. He not only covers a wide range of trending topics, he also creates reviews, PR articles and educational content. His work has also been referenced by other news outlets. Related stories Next article !function(f,b,e,v,n,t,s){if(f.fbq)return;n=f.fbq=function(){n.callMethod?n.callMethod.apply(n,arguments):n.queue.push(arguments)};if(!f._fbq)f._fbq=n;n.push=n;n.loaded=!0;n.version='2.0';n.queue=[];t=b.createElement(e);t.async=!0;t.src=v;s=b.getElementsByTagName(e)[0];s.parentNode.insertBefore(t,s)}(window,document,'script','https://connect.facebook.net/en_US/fbevents.js');fbq('init','1188189499475368');fbq('track','PageView'); Source: https://coindoo.com/movement-labs-replaces-leadership-launches-move-industries-amid-scandal/
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