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Movement Labs Drops Co-Founder, Starts Fresh With Move Industries

Key Takeaways

  • ​Movement Labs fired co-founder Rushi Manche after controversy over a market maker deal involving MOVE tokens;
  • The company launched Move Industries with new leadership, promising clearer rules and better community communication;
  • A private investigation is underway into a deal that led to $38 million in selling pressure from MOVE token sales.

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Movement Labs Drops Co-Founder, Starts Fresh With Move Industries

Movement Labs has removed co-founder Rushi Manche from the company after controversy over a deal he arranged with a market maker.

The team shared in a May 7 post on X that it had "terminated Rushi Manche" and would move forward with new leadership. The update also mentioned that governance changes are on the way.

At the same time, Movement Labs introduced a new company, Move Industries. Former Movement Labs members Torab Torabi and Will Gaines will take on the roles of CEO and chief marketing officer.

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In their announcement, they said, "In light of recent news, we needed a clean break. Movement started with the community and our builders". They promised clearer rules, regular town halls to keep the community informed, and stronger checks before working with outside groups.

The decision to part ways with Manche followed an April 21 review requested by the Movement Network Foundation. This review looks into a deal Manche made through Rentech with the market maker Web3Port.

After the deal, Web3Port reportedly sold 66 million MOVE tokens, which made up about 5% of the token’s total supply. This sale caused around $38 million in selling pressure in December 2024.

Private intelligence company Groom Lake is handling the investigation. Its founder, Fernando Reyes Jr., said he would not release any findings without written permission.

Meanwhile, OpenAI has decided to remove profit limits and restructure its business model as a public benefit company. Why? Read the full story.

Aaron S. Editor-In-Chief
Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.
With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.
Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.
Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.

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