Scandal shakes #movement Labs!
They fire Rushi Manche and launch Move Industries to rebuild Crypto Trust
Movement Labs announced on May 7, 2025, the firing of its co-founder Rushi Manche, following his involvement in a controversial market-making deal that involved the sale of 66 million MOVE tokens (5% of the total supply) by the firm Web3Port, orchestrated through Rentech.
This move triggered a drop in the price of #Move and accusations of market manipulation.
On the same day, Movement Labs revealed the creation of Move Industries, a new entity led by Torab Torabi (CEO) and Will Gaines (CMO), with the aim of restoring trust through greater transparency, public assemblies, and stricter verification processes.
The company seeks to return to its community and technological roots, prioritizing concrete actions over advertising.
The case, under investigation by Groom Lake, exposes vulnerabilities in agreements with market makers and raises questions about governance in crypto projects, while Move Industries promises a renewed approach to heal the community's wounds.
