Movement Labs Rebrands to Move Industries Following Market Maker Scandal and Leadership Shakeup

Movement Labs has undergone a major transformation, rebranding itself as Move Industries following a leadership shakeup triggered by a market maker scandal.

Movement Labs, the protocol behind Layer 1 blockchain Movement Network, is undergoing a major leadership shakeup and rebranding initiative. The changes follow a recent scandal involving market maker Rentech.

According to an official announcement on May 7, Movement Labs has terminated the employment of co-founder Rushi Manche. The protocol will now operate under a new leadership structure, with Torab Torabi assuming the role of CEO and ecosystem architect. Will Gaines will serve as President and Chief Marketing Officer.

“This next chapter will ensure we continue building world-class infrastructure, world-class businesses and a world-class movement,” Gaines stated in the press release.

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

We’ll share more details about the leadership changes, a revamped governance structure, and what this means for the future of the Movement ecosystem in the coming days.

— Movement (@movementlabsxyz) May 7, 2025

The leadership changes come after a recent scandal involving market maker Rentech.

Last December, Rentech allegedly sold 66 million MOVE tokens, reportedly generating an estimated profit of 38 million USDT. Binance reported the issue in March, leading to the freezing of the funds and notification of Movement Foundation and Movement Labs.

As a result of the scandal, Movement Labs’ native token was delisted from Coinbase, which also suspended all related trading pairs.

Earlier this month, Movement Labs announced that it had suspended Manche as the protocol underwent investigations from third-party reviewer Groom Lake. The review was focused on organizational governance and the market maker incidents.

The protocol has since severed all ties with Rentech and announced a 38 million USDT buyback through a new reserve fund in an attempt to make amends with investors and the community.

Announcing new leadership, rebrand and more good news! 🔥 We’re extremely excited to announce that Torab Torabi will be assuming the role of CEO and Ecosystem Architect.

The leadership changes at Movement Labs come as the company's native token, MOVE, has been struggling in recent times. At press time, the token is down nearly 10% in the past 24 hours and trades at $0.16.

In the past week alone, the token has plummeted more than 34%. However, despite the price decline, daily trading volume has surged—up 141.4% from the previous trading day.

This indicates heightened market activity amid the restructuring announcement.

The new leadership team is tasked with restoring investor confidence and guiding the protocol through a new phase of development.

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