Move Industries Rebrands After 84% Token Plunge

Movement Labs, the company behind the MOVE token, has undergone significant changes following a market manipulation scandal that resulted in a substantial loss of market value. The company has terminated its CEO and co-founder, Rushi Manche, and rebranded as Move Industries. This move comes after allegations surfaced that Movement Labs had granted 66 million MOVE tokens to a firm named Rentech, which sold the tokens almost immediately after receiving them. This transaction led to a $38 million sell-off and a significant drop in the MOVE token's price, wiping out more than $2.5 billion in market value.

In response to the scandal, Coinbase announced it would halt trading of the MOVE token starting May 15, citing concerns over transparency and market manipulation. Movement Labs acted swiftly to address the situation, suspending Manche on April 28 and formally terminating him two days later. The company then announced a new leadership team, with Torab as the new CEO and Vibe Sommalier as President and CMO. The new leadership has pledged to implement a more transparent and robust governance model, as well as key technical upgrades to the Movement Network.

The MOVE token, which debuted in December 2024 with significant hype and strong market performance, reached a market cap of $3 billion within weeks. However, following the token dump linked to Rentech and the internal scandal, MOVE’s market cap plummeted to $496 million by May 2025. The token’s value now sits at $0.16, down more than 84% from its all-time high. Investors and analysts have pointed to the lack of internal controls and conflicts of interest as central to the collapse, with Rentech’s dual role as both a market participant and representative of the Movement Foundation raising serious concerns about self-dealing and market manipulation.

Move Industries has launched a token buyback program aimed at stabilizing MOVE’s price and reassuring investors. The company continues an internal investigation to determine the full extent of accountability within the original leadership team. Reactions from the sector have been varied, with some viewing the rebranding and change in leadership as a move forward, while others remain wary. The situation has become a cautionary tale in the cryptocurrency sector, highlighting the need for transparency, compliance, and strong governance systems in early-stage blockchain initiatives.

More updates on the governance overhaul, including new policies and safeguards, are expected from Move Industries in the coming weeks. The company's efforts to rebuild trust and stabilize the MOVE token will be closely watched by the industry as it navigates this challenging period.