Move Industries: A Fresh Start Amid Controversy
Leadership Shake-up at Movement Labs: Co-founder Dismissed, Token Value Decreases by 10%
Move Industries, formerly Movement Labs, is carving out a new path following a slew of leadership changes and a tumultuous market scandal. In the fallout of the incident, the company's native token, MOVE, has been on a downward spiral, currently trading at $0.16.
The Scandal that Rock the Boat
The storm hit when market maker Rentech allegedly sold 66 million MOVE tokens, pocketing a profit of 38 million USDT. Exposed by Binance in March 2025, the incident led to the token's delisting from platforms like Coinbase and prompted Movement Labs to investigate. Co-founder Rushi Manche was suspended, and the protocol began working with third-party reviewer Groom Lake.
The scandal eventually resulted in Manche's termination from the company. The fallout also saw the resignation of Cooper Scanlon as the CEO, who was replaced by Torab Torabi, a founding member, with Will Gaines stepping into the roles of President and Chief Marketing Officer.
A New Dawn: Rebuilding Trust
Torabi has branded the rebrand to Move Industries as the "beginning of an exciting new chapter for the Movement." Emphasizing transparency and improved systems, the company has pledged a $38 million USDT buyback program to appease investors and repair its tarnished public image.
Move Industries aims to focus on technology advancements and community engagement, with a renewed commitment to project developers and ecosystem partnerships. The new leadership team under Torabi and Gaines is determined to rebuild trust and restore faith in the protocol, one step at a time.
Moving Forward: A Challenging Journey Ahead
Despite the promises and the new beginnings, the MOVE token's value continues to drop. At press time, the token has experienced another 10% decline, despite increased trading activity triggered by the restructuring announcement.
Tackling this challenge head-on, Move Industries intends to prioritize transparency, accountability, and stakeholder value in all its decisions moving forward. Whether these efforts will be enough to reverse the token's downward trend remains unclear.
Transparency remains key, as the investigation by Groom Lake continues. The company has emphasized its commitment to stirring the Movement ecosystem with renewed vigor and rebuilding trust step by step.
As Move Industries endeavors to move past its recent controversies and onto a more promising future, the coming weeks will serve as a crucial test of market confidence, the new leadership team, and the protocol's ability to adapt and grow.
After rebranding from Movement Labs to Move Industries, the company is in a new chapter aiming to rebuild trust and restore faith in its protocol. Rushi Manche, the co-founder, was terminated due to a scandal where market maker Rentech sold 66 million MOVE tokens, pocketing 38 million USDT. Torab Torabi, a founding member, now leads the company, pledging a $38 million USDT buyback program to appease investors. Interestingly, despite the promises, trading activity has increased but the MOVE token's value continues to drop. Technology advancements and community engagement are Move Industries' key focus in the future.
