Movement Labs Splits From Co-founder Rushi Manche, Citing Controversy Over Undisclosed Agreements Related to the MOVE Token

Movement Labs has announced that it has decided to sever ties with Rushi Manche, one of its co-founders, due to the controversy generated by undisclosed agreements related to the MOVE token.

After a turbulent period marked by a substantial decline in the MOVE token's value and public concern over undisclosed agreements, Movement Labs has announced the termination of co-founder Rushi Manche.

The past 24 hours have seen a 9.88% decrease in the MOVE token's price, continuing a downward trend that began with a 35% drop over the past week. This follows reports of secret transactions between entities linked to the project and undisclosed advisor agreements, which have dealt a hard blow to the token.

While no replacement has been named and the next steps regarding the restructuring of its governance are yet to be announced, Movement Labs confirmed Manche’s termination in a statement posted on its X account.

"We can confirm that Rushi Manche has been terminated by Movement Labs, and the company will continue under new leadership. Details about the leadership change and the new governance structure will be announced shortly," the statement reads.

Manche’s suspension came on May 2, shortly after Coinbase decided to remove the MOVE token from its platform. The community expressed concerns about the project’s transparency and internal governance, which led to the token’s removal. It was also reported that secret agreements, undisclosed payment flows, and token allocations linked to the MOVE launch were directly associated with Manche.

"Following a period of community concern regarding transparency and internal governance at Movement, Coinbase has decided to remove MOVE from its platform, effective May 1, 2024, at 8:00 AM (PT). This decision was made after careful consideration and internal deliberation, taking into account the best interests of Coinbase's users and the broader cryptocurrency ecosystem," Coinbase stated in an email to its users.

However, Movement Labs has announced that the project has entered a new phase of reorganization, now rebranded as Move Industries. Torab, the current CEO and ecosystem architect, along with Will, president and CMO, both early employees of the firm, have taken over leadership of the project in this new phase.

The focus will be on promoting a renewed governance structure and moving forward with a new roadmap. The executives have also expressed their intention to return to the project’s community and technological principles.

“We are entering a new phase for the project. This time, Move is being reorganized as Move Industries. We, the early employees who built this project—Torab, CEO and ecosystem architect; and Will, president and CMO—will be leading the project in this next chapter,” the statement continues.

Additionally, future launches have been announced, including MoveDrop airdrops, the Parthenon project, and several important technical updates.

These changes aim to revitalize the project and regain the community’s trust. Nonetheless, the project faces a challenging period as it adjusts to new leadership and a modified organizational structure.