Movement Labs has officially rebranded as Move Industries following the removal of its co-founder Rushi Manche, as the company reels from a steep crash in the value of its MOVE token and increasing scrutiny from Binance.
The leadership shake-up and rebrand aim to restore investor confidence amid mounting concerns over governance and token stability.
The announcement came on May 7, with the firm confirming it had terminated Manche’s involvement.
“Movement Labs has terminated Rushi Manche. Movement will continue under different leadership,” the company said in a statement.
It also promised further updates on its revamped governance structure and leadership team.
The dramatic decision follows an internal investigation into alleged market manipulation involving a substantial December 2024 token dump that triggered a massive sell-off in MOVE.
In response, the company engaged blockchain intelligence firm Groom Lake to investigate the matter and severed ties with its market maker.
Additionally, a $38 million token buyback initiative was launched in an attempt to stabilize the token and reassure investors.
While Manche has denied any wrongdoing, he previously attributed the project’s challenges to poor strategic advice from external partners.
He has yet to respond publicly to his dismissal.
Leadership transition and rebranding strategy
As part of its restructuring, the company has rebranded itself as Move Industries.
Founding team member Torab Torabi has stepped in as the new CEO, while Will Gaines, formerly head of marketing, now serves as president.
The new leadership has signaled a shift in direction—focusing on transparency, community involvement, and meaningful technological progress.
In a statement, the team emphasized their intent to return to “crypto’s radical roots” by delivering utility-focused innovation rather than market-driven hype.
MOVE token tumbles and faces Binance scrutiny
The ongoing controversy has taken a serious toll on the MOVE token.
Over the past 24 hours, the token dropped nearly 10% to about $0.16, extending a weekly loss of 35%.
Since hitting its all-time high of $1.21 in December 2024, MOVE has lost roughly 87% of its value.
Amid the heightened volatility, Binance has slapped a “Monitoring Tag” on the token—signaling potential non-compliance with the exchange’s listing standards and raising the risk of delisting.
According to Binance, tokens under this label are subject to enhanced surveillance and may be removed from the platform if they fail to meet ongoing requirements.
