Movement Labs Replaces Leadership, Launches Move Industries Amid Scandal

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.

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“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.

The post Movement Labs Replaces Leadership, Launches Move Industries Amid Scandal appeared first on Coindoo.