Movement Labs Cuts Ties with Co-founder Rushi Manche Amidst Secret Market-Making Deal

Movement Labs has terminated the appointment of co-founder Rushi Manche following backlash over a secretive market-making agreement involving millions of MOVE tokens.

This move marks the beginning of a new chapter for the company, which will now continue under different leadership.

Announcing the decision on X (formerly Twitter), Movement stated: “Movement Labs has terminated Rushi Manche. Movement will continue under different leadership.”

Clean Break: Move Industries Takes the Helm

Just hours later, Movement made a further announcement, unveiling a new company called Move Industries. This entity will be led by early team members Torab You and Will Gaines.

“In light of recent news, we needed a clean break,” the new leadership explained. “Movement started with the community and our builders. We’re returning to our roots.”

Move Industries will operate with more openness, holding regular town halls, improving project vetting, and focusing on both technology and community-driven development.

“We’re building on more than hype — we’re committed to action,” the statement added.

The shake-up follows revelations about a market-making deal secretly arranged by Manche, which involved 66 million MOVE tokens — about 5% of the token’s total supply.

The deal gave a market maker the ability to offload a significant volume of tokens, reportedly triggering a sharp drop in MOVE’s price. These actions fueled accusations of market manipulation and led to intense backlash from the crypto community.

With new leadership and a rebranded company, Move Industries now faces the challenge of rebuilding trust and moving forward with a renewed focus on both technology and community in the next phase of its journey.