- Movement Labs has fired co-founder Rushi Manche amid allegations of undisclosed token dealings and internal governance issues
- The company has rebranded as Movement Industries and appointed a new leadership team to restore trust following misconduct allegations
- The MOVE token has seen a dramatic price crash, prompting efforts to stabilise the project and rebuild community confidence
Blockchain company Movement Labs has removed its co-founder, Rushi Manche, and rebranded itself as Movement Industries following a wave of controversy. The move comes after a sharp drop in the value of the MOVE token and allegations of internal misconduct, prompting the company to overhaul its leadership and operational model. With new executives at the helm, the firm aims to repair reputational damage and realign with its stated values of decentralisation and transparency.
Co-Founder Removed Amid Token Controversy
The crisis was triggered by revelations surrounding a massive $38 million MOVE token dump allegedly linked to market maker Web3Port and the now-defunct Rentech, a firm connected to Movement’s core team. The transaction caused a swift collapse in the token’s price, sending shockwaves through the community. Amid rising concerns over conflicts of interest, Movement Labs swiftly removed Rushi Manche, distancing itself from the controversy.
Following Manche’s departure, the company has rebranded as Movement Industries and introduced a fresh executive lineup; Torab Torabi has taken over as CEO, while Will Gaines was named President and CMO. The new team said they are committed to open communication and decentralised governance. “We believe this shift marks a turning point,” said a company spokesperson. “We’re focused on restoring integrity and building a foundation the community can trust.”
Stabilisation and Buyback Plans
To calm investor nerves, Movement Industries has launched a $38 million buyback initiative to support the MOVE token’s price and reduce volatility. The token had reached a peak valuation of $1.45 before the sell-off, but plunged to around $0.16. The firm also plans to host public town halls, tighten oversight of treasury management, and review all past token allocations.
The fallout from Movement Labs’ internal struggles highlights the risks early-stage blockchain projects face when governance is poorly defined. As Movement Industries attempts to turn the page, its handling of the crisis may serve as a benchmark for how decentralised organisations respond when transparency breaks down.
