Co-founder Terminated, Token Price Falls 10%
The post Co-founder Terminated, Token Price Falls 10% appeared on BitcoinEthereumNews.com.
TLDR Movement Labs terminated co-founder Rushi Manche and rebranded as Move Industries Co-founder Cooper Scanlon stepped down as CEO, replaced by Torab Torabi with Will Gaines as President The MOVE token has plummeted 34% in the past week, currently trading at $0.16 Recent scandal involved market maker Rentech allegedly selling 66 million MOVE tokens for 38 million USDT profit Protocol has promised more transparency, improved vetting systems, and a $38 million USDT buyback Movement Labs has undergone a major transformation, rebranding itself as Move Industries following a leadership shakeup triggered by a market maker scandal. The protocol announced on May 7 that it had terminated co-founder Rushi Manche and would operate under a new leadership structure. The company’s other co-founder, Cooper Scanlon, has voluntarily stepped down as CEO. Torab Torabi will now lead Move Industries as CEO and ecosystem architect, with Will Gaines serving 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 an official press release about the changes. Movement Labs has terminated Rushi Manche. Movement will continue under different leadership. Details on leadership changes and a revamped governance structure will be coming soon. — Movement (@movementlabsxyz) May 7, 2025 Market Maker Scandal Explained The leadership changes come in the wake of a scandal involving market maker Rentech. In December 2024, Rentech allegedly sold 66 million MOVE tokens, generating an estimated profit of 38 million USDT. Binance reported the issue in March 2025, freezing the funds and notifying Movement Foundation and Movement Labs. The scandal resulted in Movement Labs’ native token being delisted from Coinbase, which suspended all related trading pairs. Prior to the termination announcement, Movement Labs had suspended Manche while the protocol underwent investigations from third-party reviewer Groom Lake regarding organizational…
