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Movement Labs Terminates Founder Rushi Manche After CoinDesk Expose

On May 7, 2025, following a market maker controversy, Movement Labs announced the dismissal of co-founder Rushi Manche and transitioned to a new identity as Move Industries under fresh leadership.
The termination followed revelations that market maker Rentech sold 66 million MOVE tokens in December 2024, generating an estimated 38 million USDT profit and prompting investigations.
As part of a governance-focused restructuring, co-founder Cooper Scanlon resigned from his role as CEO, with Torab Torabi taking over as CEO and ecosystem architect, and Will Gaines appointed as President.
The MOVE token has dropped by more than one-third over the last seven days and is trading near $0.16. Meanwhile, Coinbase has removed MOVE from its platform, and the token’s trading volume has surged by over 140% amid heightened market activity.
Move Industries has committed to repurchasing $38 million worth of USDT through a newly established reserve fund and has vowed to enhance transparency in its governance as part of efforts to regain investor trust and stabilize the ecosystem.

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Coin Desk

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Movement Labs Terminates Founder Rushi Manche After CoinDesk Expose

It has yet to name a replacement or outline next steps for governance restructuring.

8 days ago·Manila, Philippines

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CryptoPanic

Movement Labs Suspends Co-Founder Rushi Manche Amid Market-Making Scandal

Catenaa, Thursday, May 08, 2025-Movement Labs has suspended its co-founder, Rushi Manche, following the ongoing investigation into a market-making scandal involving its MOVE token. The suspension came as the company awaits the results of a third-party review conducted by Groom Lake regarding...

7 days ago

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https://www.cryptela.com

Movement Labs Ends Controversial Ties After Shocking Discove

Movement Labs swiftly ended its relationship with Rushi Manche amid a scandal. The MOVE token faced significant price declines following secret deal revelations. Continue Reading:Movement Labs Ends Controversial Ties After Shocking Discovery The post Movement Labs Ends Controversial Ties After Shock...

7 days ago

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Crypto Economy

Movement Labs Transforms into Move Industries, Under the Direction of a New Leadership Team - Crypto Economy ESP

Key points of the news: Movement Labs has decided to cut ties with Rushi Manche, co-founder of the company, due to the controversy over undisclosed agreements. Manche’s removal was preceded by the removal of Coinbase’s MOVE token, following concerns about lack of transparency and governance. At a new stage, the project has been reorganized under the name of Move Industries, with Torab and Will taking over leadership. Movement Labs has announced …

8 days ago

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MaxBit

Movement Labs ‘terminates’ co-founder Rushi Manche following controversial MOVE token deals – MAXBIT

Movement Labs has terminated its co-founder Rushi Manche, who was in the center of controversy surrounding an undisclosed market-making deal. Source link

8 days ago

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