Move Labs Rebrands to Move Industries, Promises a "New Era" After MOVE Token Crash

After the MOVE token crash last week, the company has now rebranded as Move Industries. This comes only an hour after the company officially terminated the co-founder Rushi Manche for signing undisclosed deals backstage.

Movement Labs, the developer behind the layer 2 blockchain platform Movement Network and whose MOVE token has crashed heavily, is undergoing a significant restructuring.

In a latest X post today, the company has now rebranded as Move Industries.

This comes only an hour after the company officially terminated the co-founder Rushi Manche for signing undisclosed deals backstage.

He was reportedly found to be involved in secret agreements between Movement Labs and Chinese market maker web3 port.

This caused the leading crypto exchange Coinbase to suspend the trading for the MOVE Token, the native crypto of the layer-2 blockchain Protocol.

Interestingly, the leadership reshuffle and rebranding comes before the implementation of this suspension for MOVE token trading on Coinbase – which will take effect from 15 May.

Movement Labs has terminated Rushi Manche. Movement will continue under different leadership.

Details on leadership changes and a revamped governance structure will be coming soon.

Who are the Faces Behind Movement Labs’ New Team

Move Industries will have Torab, the Movement CEO and Vibe Sommalier, President and CMO as the new leadership faces.

With the new leadership and rebrading, the new team aims to work for better governance and transparency.

Post-MOVE token crash, the company will now shift focus from “hype to action”. It has also announced planning major tech upgrades, Parthenon and a MoveDrop soon.

Related: Coinbase Suspends MOVE Trading

The Crash that Wiped Off $2.5 Bn From the Market

MOVE made its debut with the launch in December 2024. Shortly after it, MOVE token reached a market capitalization of around $3 billion, with a peak price of $1.45.

However, as of writing, in May 2025, the market capitalization has fallen to approximately $496 million, with the token trading at around $0.16.

This represents a decline of over 84% from its all-time high. For the investors, this has resulted in a loss of more than $2.5 billion in market value.

This sharp decline is credited to a market-making agreement that came to light on April 30.

According to the reports, Movement Labs entered into an agreement granting 66 million MOVE tokens to a firm named Rentech, which lacked a digital presence.

Rentech appeared on both sides of the deal: as a subsidiary of Web3Port and as an agent of the Movement Foundation, suggesting potential self-dealing.

Shortly after the token’s launch, Rentech sold the 66 million MOVE tokens, resulting in a $38 million sell-off.

This action caused a sharp decline in the token’s value and raised suspicions of coordinated market manipulation. After this, it suspended its founder and is now betting at rebrading and leadership shuffle.

WLFI Moves 7.58M $MOVE Tokens to Binance

Another critical actor in this case is Trump-backed WLFI project which still maintains a significant stake in the MOVE token.

As of writing, it is holding approximately 7.5 million MOVE tokens, valued at around $1.3 million. This continued investment despite losses exceeding 50% indicates WLFI’s ongoing involvement with the Movement Labs project.

In fact, in the latest update from just an 1 hour ago, these 7.58M $MOVE tokens worth around $1.28M USD have been transferred from its wallet to Ceffu, Binance’s institutional custody platform.

The project has deposited $4.51M worth of assets – including AVAX, SEI, and MOVE – and used them as collateral to mint 2.05 million USDf.

Thus, with losses running into the billions, it remains uncertain whether the rebranding effort and assurances of transparency can successfully revive the project.

So far, the MOVE token price has not responded positively to the announcement. As a result, all eyes will be on this week to see how investors respond to the new promises under a new name.