Movement Labs Rebrands To Move Industries Amid Rushi Manche’s Termination

Movement Labs has escalated the suspension of co-founder Rushi Manche, effectively ousting him from the company, and has rebranded as Move Industries.The news comes amid Movement Labs’ ongoing third-party review on organizational governance and the recent market maker debacle.Movement Labs Fires Co-Founder Rushi MancheThe firm revealed the development in a post on X (Twitter), indicating that the Movement will continue under new leadership. “Movement Labs has terminated Rushi Manche. The movement will continue under different leadership. Details on leadership changes and a revamped governance structure will be coming soon,” read the announcement.The development comes only days after Rushi Manche’s suspension. BeInCrypto reported the incident, citing a third-party investigation into alleged market maker misconduct involving the MOVE token.When the investigation commenced, Rushi Manche was said to be on a temporary leave of absence. At the time, Manche disputed reports of his departure from the project. Reports also circulated about his status on Slack, exacerbating the controversy. As the community digests this development, the MOVE token has dropped by over 10% in the last 24 hours. BeInCrypto data shows MOVE was trading for $0.16 as of this writing.Movement (MOVE) Price Performance. Source: BeInCryptoThe drop comes as some community members expressed disappointment with the development, citing a lack of clarity.“This is incredibly disappointing. The community deserves transparency—not vague statements and behind-the-scenes decisions,” one user remarked.The sentiment is that they terminated Manche without context, holding back details of the investigation.“...asking us to wait for details isn’t how trust is built. If Movement is serious about governance and decentralization, start by being honest with the people who believed in this project,” they added.Meanwhile, it is worth mentioning that the entire saga centers on agreements between entities linked to Movement Labs and market makers upon the project’s inception.Shadow advisors, concealed payment flows, and controversial token allocations upon the MOVE token’s launch all contributed to the situation, culminating in Manche’s termination.Cooper Scanlon Announces Restructuring and RebrandingCo-founder Cooper Scanlon has addressed the prevailing controversy, citing allegations and attempts to spread false narratives against him and the Movement.“I won’t engage with these narratives or allow them to encumber us by the ill-intentioned individuals coming after me to hurt the company at the same time. The third-party review will address all these matters in time,” he stated.With this stance, he cited the need to restructure and rebuild a new company. As Rushi Manche exits the company, Scanlon is commissioning another project, Move Industries. Torab Torabi, one of Movement Labs’ founding team members, will lead the new initiative as CEO. Meanwhile, Will Gaines will be president after spearheading the Movement’s marketing department.“Today, I give my blessing to Torab as they establish Move Industries with Torab as the CEO and with Willis as President and Torab’s right hand. This journey has been incredible, and I am proud of what we have built together,” Scalon stated.Acknowledging the launch, Move Industries cited a clean break, returning to its roots with the community and builders. It has committed to town halls for transparency and more rigorous vetting and verification.“We are Move Industries. The Movement is now under new leadership. Today, a new era begins...The focus will be dual, the north stars being both technology and community. A focus built not only on hype but action...We will return to crypto’s radical roots. We want to build better opportunities for people,” Move Industries said.More interestingly, Move Industries said it would move forward with MoveDrop (MOVE airdrop) after the recent delay.The post Movement Labs Rebrands To Move Industries Amid Rushi Manche’s Termination appeared first on BeInCrypto.