Move Industries, formerly known as Movement Labs, has recently undergone a significant restructuring after removing co-founder Rushi Manche from the project. The decision to terminate Manche came amidst a high-profile investigation into suspicious market activity involving the firm’s MOVE token, which caused a significant price crash in December 2024.
In response to the investigation, Movement Labs enlisted the help of blockchain intelligence firm Groom Lake to look into the incident. The company also ended its relationship with the market maker and initiated a $38 million token buyback program. Manche, who denied any involvement in the suspicious activity, attributed the project’s troubles to poor advice from external partners.
Following Manche’s termination, Movement Labs rebranded as Move Industries and announced a new leadership team. Torab Torabi has taken over as CEO, while Will Gaines has been named president. The team aims to shift its focus back to community engagement and technological development, emphasizing the importance of delivering real value over hype.
The restructured team stated, “We’ll return to crypto’s radical roots. We want to build better opportunities for people.” However, the drama surrounding the project has taken a toll on the MOVE token, which has experienced a significant decline in value. The token has dropped nearly 13% in the past 24 hours, reaching around $0.15 at the time of writing. This marks a 35% decline over the past week and a 50% plunge in the last month.
Due to the token’s volatility, Binance has added a monitoring tag to MOVE, warning users of the increased risks associated with trading it. Tokens with this tag are closely monitored, and there is a possibility of delisting if they no longer meet the exchange’s listing criteria.
Despite the challenges faced by Move Industries, the new leadership team is committed to rebuilding trust within the community and focusing on the project’s original mission. By prioritizing community engagement and technological development, the team hopes to restore credibility and deliver on the project’s promises.