Movement Labs Rebrands to Move Industries Amid Scandal, Ousts Co-Founder

Hold onto your hats, crypto fans! Movement Labs just dropped a bombshell: they've kicked out co-founder Rushi Manche and are now strutting their stuff as Move Industries. The mastermind behind this bold move? None other than the new CEO, Torab Torabi, who's ready to take the reins and steer this ship into uncharted waters.

On May 7, the network dropped the news like a hot potato: Rushi Manche is out, and they're shaking things up with a fresh leadership crew.

"Get ready for some juicy details on our new bosses and a slick new way of running things," the protocol teased in a post that's got everyone buzzing.

But wait, there's more! A mysterious account called The Movement (MOVE) popped up, spilling the beans that the protocol has transformed into Move Industries, calling itself a "new company" with a brand-spanking-new leadership squad.

And in a twist no one saw coming, co-founder Cooper Scanlon decided to step down as CEO. Enter Torab Torabi, the new CEO and ecosystem architect, teaming up with Will Gaines, who's taking on the roles of President and Chief Marketing Officer.

"We're about to kick off a chapter that'll blow your mind, building top-notch infrastructure, businesses, and a movement that'll shake the world," Gaines declared in a press release that's got everyone hyped.

Torabi's not holding back either, calling Move Industries "the start of an epic new journey for the Movement." He's all in on boosting the ecosystem, rallying the community, and backing the projects that call this network home.

As they charge into the future, the protocol's got its sights set on tech and community as their guiding lights. They're promising more open town halls and beefed-up systems for vetting and verifying, so buckle up!

But here's the kicker: despite the big shake-up, the network's native token, MOVE, is still taking a beating. It's down nearly 10% in the last 24 hours, trading at a measly $0.16. Ouch!

Over the past week, the token's taken a nosedive of more than 34%. But get this: while the price is tanking, the daily trading volume's gone through the roof, jumping 141.4% from the day before. It's like watching a high-stakes drama unfold right before our eyes!

What happened to Movement Labs' Rushi Manche?

So, what's the deal with Rushi Manche? Earlier this month, the protocol hit pause on him after a scandal erupted involving their market maker, Rentech. This mess led to MOVE getting the boot from Coinbase, putting a halt to all related trading pairs.

At the time, the protocol was under the microscope, with third-party reviewer Groom Lake digging into their governance and the whole market maker fiasco.

The drama kicked off last December when Rentech allegedly dumped 66 million MOVE, raking in a cool 38 million USDT. Binance caught wind of it in March, freezing the cash and giving the Movement Foundation and Movement Labs a heads-up.

Since then, the protocol's cut ties with Rentech faster than you can say "scandal" and promised a $38 million USDT buyback through a shiny new reserve fund. Talk about a wild ride in the world of crypto!