- Buy Crypto
- Markets
Futures- Spot
- Copy Trade
- Earn
- More
Movement Labs drops co-founder Rushi Manche, appoints new leadership and rebrands
By: bitcoin ethereum news|2025/05/07 17:00:08
0
Share
Movement Labs has terminated co-founder Rushi Manche in light of a recent market maker scandal and rebranded itself as Move Industries. The protocol will be led by Torab Torabi as the new CEO. On May 7, the network announced that it has terminated co-founder Rushi Manche and will proceed under a new leadership structure. “Details on leadership changes and a revamped governance structure will be coming soon,” said the protocol in an official post. Not long after, a new account emerged called The Movement (MOVE). It informed traders that the protocol has relaunched itself as Move Industries, a self-dubbed “new company” under a new leadership structure. Additionally, co-founder Cooper Scanlon has voluntarily stepped down as CEO. Therefore, Move Industries will be helmed by Torab Torabi as its CEO and ecosystem architect alongside Will Gaines, who will serve as President and Chief Marketing Officer. “This next chapter will ensure we continue building world-class infrastructure, world-class businesses and a world-class movement,” said Gaines in an official press release. Torabi views Move Industries as “the beginning of an exciting new chapter for the Movement” and vows to fully commit to improve the ecosystem, strengthening the community and supporting projects built on the network. Moving forward, the protocol plans to focus on technology and community as its “north stars,” as well as promising more transparent town halls and improved vetting and verifying systems. However, it appears the network’s recent restructuring has done little to save its native token, MOVE, from the inevitable tumble it has taken since market making allegations erupted. At press time, MOVE has gone down nearly 10% in the past 24 hours. It is currently trading hands at $0.16. In the past week, the token has plummeted more than 34%. In contrast, its daily trading volume has seen an exponential rise, having gone up by 141.4% compared to the previous trading day, indicating more market activity amidst the restructuring notice. What happened to Movement Labs’ Rushi Manche? Earlier this month, the protocol declared that it would be suspending co-founder Rushi Manche in light of a recent scandal involving one of its market makers, Rentech. This led to to the token being delisted from Coinbase, effectively suspending all related trading pairs. At the time, the protocol was still undergoing investigations from third-party reviewer Groom Lake “regarding organizational governance and recent incidents involving a market maker.” The token dump occurred December last year, when Rentech allegedly sold 66 million MOVE for an estimated profit of 38 million USDT (USDT). Binance reported the issue in March, freezing the money and notifying the Movement Foundation and Movement Labs. Since then, the protocol has cut off all ties with the market maker and pledged a $38 million USDT buyback through a new reserve fund. Source: https://crypto.news/movement-labs-drops-co-founder-rushi-manche-appoints-new-leadership-and-rebrands/
You may also like
a16z: AI is making everyone 10x more productive, but the true winner has yet to emerge
Institutional AI and Retail AI "Better Integration" is an Inevitable Trend.
Why did the star Web3 project Across Protocol choose to abandon DAO?
The proposal for Across to privatize itself is a rare move, but it comes at a time when the industry is beginning to recognize that DAOs are a difficult organizational structure to operate.
In fact, ETH scaling is a major benefit for L2
ETH has finally admitted defeat—its Rollup-centric roadmap is unworkable, while the monolithic scaling solutions adopted by blockchains like Solana have proven to be correct.
Memories: 10 Key Contributions of the TON Core Team That Few People Knew in the Early Days
Every line of code, every tool we build, every sleepless night spent maintaining the network—these efforts have laid the foundation for TON's development today.
2025 South Korea CEX Listing Post-Mortem: Investing in New Coins = 70% Loss?
The 2025 South Korean exchange's new token listing performance is structurally similar to Binance's, with no significant differences.
BIP-360 Analysis: Bitcoin's First Step Towards Quantum Immunity, But Why Only the "First Step"?
This article explains how BIP-360 reshapes Bitcoin's quantum defense strategy, analyzes its enhancements, and discusses why it has not yet achieved full post-quantum security.
50 million USDT exchanged for 35,000 USD AAVE: How did the disaster happen? Who should we blame?
Due to a fatal flaw in the transaction path, a $50 million DeFi operation was executed with almost zero protection, resulting in nearly the entire amount of funds evaporating in a tiny liquidity pool.
The Cryptographic Past of the Middle East
Reality is often more exciting than fiction.
Resolving the Intergenerational Prisoner's Dilemma: The Inevitable Path of Nomadic Capital Bitcoin
When the baby boomer generation collectively sells off, who will become the "greater fool" in the next round of asset crashes?
Who Will Control AI? Why Decentralized AI May Be the Only Alternative to Government and Big Tech
AI has become critical infrastructure, and governments and corporations are competing to control it. Centralized development and regulation are entrenching existing power structures. The Web3 community is building a decentralized alternative — distributed compute, token incentives, and community governance — before that window closes.
Vitalik wrote a proposal teaching you how to secretly use AI large models
Vitalik believes that in the AI era, users should not have to give up their identity to use an AI tool.
On the eve of the explosion of on-chain options
Options are becoming a new anchor in the cryptocurrency market.
WEEX AI Hackathon: How Did This AI Trading Winner Succeed?
A self-taught AI trading enthusiast achieved top-10 results at the WEEX AI Hackathon. Learn about the mindset, AI tools, and lessons behind this impressive performance.
One Balance to Rule Them All: Gravitas' On-Chain Prime Broker Ambition
Forty years ago, a technological revolution broke the isolation of information, reshaping Wall Street. Forty years later, Grvt aims to break the isolation of capital with an on-chain prime brokerage model.
That person who cashed out at the NFT peak is now selling a new shovel in the OpenClaw craze
A skilled person never picks the table, they eat meat with every bite.
Inter-generational Prisoner's Dilemma Resolution: The Nomadic Capital and Bitcoin's Inevitable Path
When the Baby Boomer generation collectively sells off, who will be the "bag holder" in the next asset crash?
Upstream and downstream are starting to fight, all for the sake of everyone being able to "Lobster"
「Lobster」 may not be a mature product yet, but it has already ushered in a new era of 「AI Assistants」.
Circle and Mastercard Announce Partnership, the Next Stage for the Crypto Industry Belongs to Payments
Stablecoins are transitioning from a speculative tool to real financial scenarios such as payments, cross-border transfers, and store of value.
a16z: AI is making everyone 10x more productive, but the true winner has yet to emerge
Institutional AI and Retail AI "Better Integration" is an Inevitable Trend.
Why did the star Web3 project Across Protocol choose to abandon DAO?
The proposal for Across to privatize itself is a rare move, but it comes at a time when the industry is beginning to recognize that DAOs are a difficult organizational structure to operate.
In fact, ETH scaling is a major benefit for L2
ETH has finally admitted defeat—its Rollup-centric roadmap is unworkable, while the monolithic scaling solutions adopted by blockchains like Solana have proven to be correct.
Memories: 10 Key Contributions of the TON Core Team That Few People Knew in the Early Days
Every line of code, every tool we build, every sleepless night spent maintaining the network—these efforts have laid the foundation for TON's development today.
2025 South Korea CEX Listing Post-Mortem: Investing in New Coins = 70% Loss?
The 2025 South Korean exchange's new token listing performance is structurally similar to Binance's, with no significant differences.
BIP-360 Analysis: Bitcoin's First Step Towards Quantum Immunity, But Why Only the "First Step"?
This article explains how BIP-360 reshapes Bitcoin's quantum defense strategy, analyzes its enhancements, and discusses why it has not yet achieved full post-quantum security.
App