Movement Labs Terminates Co-Founder Rushi Manche Following Chaotic Week
Movement Labs has terminated co-founder Rushi Manche amid governance issues and market maker controversies. The company announced the formation of Move Industries, emphasizing a commitment to transparency and improved governance. Torab Torabi will serve as CEO, with Will Gaines as President and CMO. Manche's suspension was linked to a significant token dump by market maker Rentech, which sold 66 million MOVE tokens shortly after launch, raising legal concerns. Binance has frozen $38 million related to the incident, while Coinbase plans to suspend MOVE trading on May 15. The MOVE token has dropped to $0.1606, reflecting an 8.48% decline in 24 hours and a 34% decrease over the past week. Move Industries plans to continue existing initiatives and will hold a community AMA for updates.
