Move Industries Announces Rebranding Following Rushi Manche's Dismissal at Movement Labs
Movement Labs' Shake-up:
Movement Labs, a prominent blockchain development firm, has made some major moves, effectively ousting co-founder Rushi Manche and rebranding as Move Industries.
The shake-up comes amid an ongoing third-party review on organizational governance and the recent market maker debacle.
Bye-bye, Rushi Manche!
In a bold step, Movement Labs has bid adieu to Rushi Manche, announcing a new leadership team. This announcement was shared via a post on Twitter.
"We're saying goodbye to Rushi Manche. Move Industries is here with a fresh start. Stay tuned for updates on our new leadership and revamped governance structure," the post read.
This decision comes shortly after Manche's suspension, a situation that was under investigation for alleged market maker misconduct involving the MOVE token.
When the heat was on, Manche was on a temporary leave of absence, a fact he initially disputed. Whispers about his status on Slack further fueled the controversy.
community reacts
As the MOVE token dips by over 10% in the last 24 hours, community members are left digesting the sudden development. Some expressed disappointment, noting the need for transparency.
"This is a hard pill to swallow. We deserve honesty, not vague statements and secret decisions," one user commented.
The sentiment echoes calls for Move Industries to be upfront about the investigation's findings and the reasons behind Manche's exit.
The Entire Saga
The entire saga revolves around agreements between Movement Labs and market makers at the project's inception. This twisted tale includes shadow advisors, concealed payment flows, and controversial token allocations during the MOVE token's launch.
All these shady dealings are believed to have contributed to Manche's termination.
cooper scanlon speaks up
Co-founder Cooper Scanlon has weighed in on the controversy, dealing head-on with allegations and attempts to spread false narratives.
"I'm not going to entertain these narratives or let them bog us down with their petty attacks. The third-party review will sort everything out in due time," Scanlon stated.
With this stance, he announced the need for a rebrand and a new company, Move Industries. Torab Torabi, a founding team member, will lead the new initiative as CEO, while Will Gaines takes on the role of president.
Torabi and Gaines are old hands at the company, having spearheaded the marketing department and other projects respectively.
Move Industries steps up
Move Industries has promised to learn from the past, committing to town halls for increased transparency and more rigorous vetting and verification processes.
"We are Move Industries. We're back, and we're better. We're committed to the community, to technology, and to action-not just hype. It's time to return to crypto's radical roots and build better opportunities for people," said the new team.
Interestingly, Move Industries plans to continue with the MoveDrop (MOVE airdrop), which was initially delayed due to the controversy.
- Uphold: Early access to new tokens, one-step trading, multi-asset support. Join Uphold Today!
overall
Movement Labs' decision to terminate Rushi Manche and rebrand as Move Industries marks a new chapter for the company. The controversy surrounding market maker deals and governance issues has shaken the crypto community, with calls for transparency growing louder.
References
[1] BeInCrypto. (2025, May 05). Movement Labs Co-Founder Rushi Manche Fired Amid Market Maker Investigation. Retrieved May 07, 2025, from https://becrypto.com/movement-labs-fire-Rushi-Manche/[2] Coindoo. (2025, May 06). Movement Labs’ Rushi Manche Terminated Amid Investigation and Rebrand to Move Industries. Retrieved May 07, 2025, from https://coindoo.com/movement-labs-rushi-manche-terminated-amid-investigation-and-rebrand-to-move-industries/[3] Forbes. (2025, May 05). Movement Labs Fires Co-Founder Rushi Manche Amid Market Maker Misconduct Allegations. Retrieved May 07, 2025, from https://www.forbes.com/sites/cryptotech/2025/05/05/movement-labs-fires-co-founder-rushi-manche-amid-market-maker-misconduct-allegations/?sh=652d6a521800[4] Coinpedia. (2025, May 06). Movement Labs Rebrands as Move Industries After Firing Co-founder Rushi Manche. Retrieved May 07, 2025, from https://coinpedia.org/news/movement-labs-rebrands-as-move-industries-after-firing-co-founder-rushi-manche/[5] Zycrypto. (2025, May 06). Movements Labs Fires Rushi Manche as Co-Founder Amid Shady Deals with Market Makers. Retrieved May 07, 2025, from https://zycrypto.com/movements-labs-fires-rushi-manche-as-co-founder-amid-shady-deals-with-market-makers/
NoteThis summary aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
- In the shake-up at Movement Labs, Rushi Manche, a prominent figure in the crypto finance business, has been replaced, and the company has rebranded as Move Industries.
- With the ongoing third-party review on organizational governance and the recent market maker debacle, the trading of the MOVE token has shown an incredibly steep decline.
- Some community members have expressed their frustration, calling for transparency, stating, "We deserve honesty, not vague statements and secret decisions."
- The new leadership team at Move Industries includes Torab Torabi as CEO and Will Gaines as president, both veterans of the company who have spearheaded the marketing department and other projects respectively.
- Cooper Scanlon, another co-founder, has addressed the allegations, emphasizing the importance of the third-party review and the rebrand to Move Industries.
- Move Industries has announced a series of changes, including increased transparency through town halls, more rigorous vetting and verification processes, and the resumption of the MoveDrop (MOVE airdrop).
