Crypto Scandal Shocker: Movement Labs Axes Founder, Rebrands in Chaos!
Movement Labs fires co-founder Rushi Manche amid token dump scandal, rebrands as Move Industries. Can new leadership save $MOVE?
Crypto Scandal Shocker: Movement Labs Axes Founder, Rebrands in Chaos!
Movement Labs, a prominent Ethereum layer-2 blockchain project, has made headlines by terminating co-founder Rushi Manche amid a market manipulation scandal involving its $MOVE token. As reported by crypto.news on May 7, 2025, the company announced a rebrand to Move Industries, with new leadership under CEO Torab Torabi and CTO Igor Bil, both early employees. This shake-up follows a turbulent period that saw $MOVE’s price plummet—down 88% from its all-time high. What happened, and what’s next for this crypto venture?
What’s Happening?
In December 2024, a market maker, Web3Port, dumped 66 million $MOVE tokens, netting $38 million in USDT and triggering a price crash. Binance froze the funds, and Coinbase delisted $MOVE effective May 15, citing listing violations. An investigation by Groom Lake revealed Manche’s role in a controversial deal with Rentech, prompting his suspension and eventual termination. Posts on X confirmed the leadership change, with Move Industries promising stronger governance. $MOVE now trades at $0.16, a 20% drop post-delisting news.
In December 2024, a market maker, Web3Port, dumped 66 million $MOVE tokens, netting $38 million in USDT and triggering a price crash. Binance froze the funds, and Coinbase delisted $MOVE effective May 15, citing listing violations. An investigation by Groom Lake revealed Manche’s role in a controversial deal with Rentech, prompting his suspension and eventual termination. Posts on X confirmed the leadership change, with Move Industries promising stronger governance. $MOVE now trades at $0.16, a 20% drop post-delisting news.
Why It Matters
The scandal highlights risks in crypto’s volatile markets, where poor governance can tank projects. For investors, $MOVE’s collapse is a cautionary tale about trusting leadership and market makers. The rebrand and new team aim to restore confidence, but rebuilding trust will be tough in a skeptical market. Broader economic factors, like Trump’s tariff threats, could further pressure altcoins, making recovery harder.
The scandal highlights risks in crypto’s volatile markets, where poor governance can tank projects. For investors, $MOVE’s collapse is a cautionary tale about trusting leadership and market makers. The rebrand and new team aim to restore confidence, but rebuilding trust will be tough in a skeptical market. Broader economic factors, like Trump’s tariff threats, could further pressure altcoins, making recovery harder.
What’s Next?
Move Industries must deliver on transparency to regain investor faith. If successful, $MOVE could stabilize, but failure risks further irrelevance. Investors should monitor governance updates and diversify to mitigate risks.
Move Industries must deliver on transparency to regain investor faith. If successful, $MOVE could stabilize, but failure risks further irrelevance. Investors should monitor governance updates and diversify to mitigate risks.
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NOTICE:
The information provided on trafy.io does not constitute investment advice or recommendations. All investment and trading activities involve risks, and readers are advised to conduct their own research before making decisions.
