Move Industries Rebrands After 84% Token Crash, Leadership Shakeup

Movement Labs, the developer behind the layer 2 blockchain platform Movement Network, has undergone significant changes. The company has rebranded itself as Move Industries following the termination of its co-founder, Rushi Manche. This decision comes in the wake of a market maker scandal that involved secret agreements between Movement Labs and market makers, leading to the suspension of the MOVE token trading on the leading crypto exchange.

The rebranding and leadership changes were announced on a recent X post, with the company declaring "A new Era Begins!" This move follows the MOVE token crash last week, which resulted in a significant loss of market value. The company's founders were reportedly involved in the scandal, which caused the leading crypto exchange to suspend the trading of the MOVE Token, the native crypto of the layer-2 blockchain Protocol.

The leadership reshuffle and rebranding come before the implementation of the suspension of MOVE token trading, which is set to take effect from May 15. Movement Labs has terminated Rushi Manche, and the company will continue under new leadership. Details on the leadership changes and a revamped governance structure are expected to be announced soon.

The new leadership team at Move Industries includes Torab the Movement CEO and Vibe Sommalier, President and CMO. With the new leadership and rebranding, the team aims to focus on better governance and transparency. Post-MOVE token crash, the company will shift its focus from "hype to action," planning major tech upgrades, Parthenon, and a MoveDrop soon.

The MOVE token made its debut with the launch in December 2024, reaching a market capitalization of around $3 billion, with a peak price of $1.45. However, as of May 2025, the market capitalization has fallen to approximately $496 million, with the token trading at around $0.16. This represents a decline of over 84% from its all-time high, resulting in a loss of more than $2.5 billion in market value for investors.

The sharp decline in the token’s value is attributed to a market-making agreement that came to light on April 30. Movement Labs entered into an agreement granting 66 million MOVE tokens to a firm named Rentech, which lacked a digital presence. Rentech appeared on both sides of the deal: as a subsidiary of Web3Port and as an agent of the Movement Foundation, suggesting potential self-dealing. Shortly after the token’s launch, Rentech sold the 66 million MOVE tokens, resulting in a $38 million sell-off. This action caused a sharp decline in the token’s value and raised suspicions of coordinated market manipulation. Following this, the company suspended its founder and is now focusing on rebranding and leadership changes to regain trust and stability.

Binance has delayed the next round of HODLer airdrops for MOVE holders. The shake-up marks a fresh chapter for the project’s direction and community engagement. The company's new leadership aims to restore investor confidence and stabilize the project's future by focusing on transparency and better governance. The rebranding to Move Industries signifies a commitment to a new era of accountability and innovation within the blockchain industry.