Movement Labs officially rebrands as Move Industries following the removal of co-founder Rushi Manche

The leadership shake-up and rebrand aim to restore investor confidence amid mounting concerns over governance and token stability.

Move Industries, formerly known as Movement Labs, has terminated the involvement of co-founder Rushi Manche and undergone a rebranding as part of efforts to restore investor confidence amid a steep crash in the value of its MOVE token and increasing scrutiny from Binance.

The leadership shake-up and rebrand come as the project faces mounting concerns over governance and token stability, which has seen the token plummet by nearly 90% since December 1.

On May 7, the company confirmed that it had terminated Manche’s involvement and will provide further updates on its revamped governance structure and leadership team.

The move follows an internal investigation into alleged market manipulation that involved a substantial December 24 token dump, which triggered a massive sell-off in MOVE.

The company also engaged blockchain intelligence firm Groom Lake to investigate the matter and severed ties with its market maker in response to the incident.

Additionally, a $38 million token buyback initiative was launched in an attempt to stabilize the token and reassure investors.

Manche has denied any wrongdoing and previously attributed the project’s challenges to poor strategic advice from external partners.

While Manche has yet to respond publicly to his dismissal, founding team member Torab Torabi has stepped in as the new CEO, and Will Gaines, formerly head of marketing, now serves as president.

The new leadership signals a shift in direction—focusing on transparency, community involvement, and meaningful technological progress.

In a statement, the team at Move Industries said they are returning to “crypto’s radical roots” by delivering utility-focused innovation rather than market-driven hype.

“We are charting a course toward Web3's vast potential with projects that aim to solve real-world problems and leave a positive impact on the world.

This is a Move that prioritizes purpose over profit, community over capital, and technology that transforms lives over meaningless metrics.”

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.