Move Industries Rebrands After Market Maker Scandal, Appoints New CEO

Movement Labs has terminated its co-founder, Rushi Manche, in response to a recent market maker scandal and has rebranded itself as Move Industries. The protocol will now be led by Torab Torabi as the new CEO, with Will Gaines serving as President and Chief Marketing Officer. This leadership change is part of a broader effort to restore confidence and stability within the organization.

The decision to remove Manche from his position is a direct response to the market maker scandal, which has raised questions about the integrity and reliability of the protocol. By appointing a new leader and rebranding, Movement Labs aims to distance itself from the controversy and focus on rebuilding its reputation. The rebranding to Move Industries is a strategic move that reflects the company's commitment to innovation and growth. The new name and leadership structure are designed to inspire confidence among investors and stakeholders, who have been closely monitoring the developments within the organization.

On May 7, the network announced that it has terminated co-founder Rushi Manche and will proceed under a new leadership structure. Additionally, co-founder Cooper Scanlon has voluntarily stepped down as CEO. The protocol has also announced that it will focus on technology and community as its “north stars,” as well as promising more transparent town halls and improved vetting and verifying systems. The changes at Movement Labs come at a critical time for the blockchain industry, which has been grappling with a series of scandals and controversies. The termination of Manche and the appointment of Torabi as the new CEO are seen as positive steps towards restoring trust and credibility within the industry. The rebranding to Move Industries is a clear indication of the company's determination to move forward and continue to play a leading role in the blockchain ecosystem.

Torabi views Move Industries as “the beginning of an exciting new chapter for the Movement” and vows to fully commit to improve the ecosystem, strengthening the community and supporting projects built on the network. “This next chapter will ensure we continue building world-class infrastructure, world-class businesses and a world-class movement,” said Gaines in an official press release. The protocol plans to focus on technology and community as its “north stars,” as well as promising more transparent town halls and improved vetting and verifying systems.

Earlier this month, the protocol declared that it would be suspending co-founder Rushi Manche in light of a recent scandal involving one of its market makers, Rentech. This led to the token being delisted from Coinbase, effectively suspending all related trading pairs. At the time, the protocol was still undergoing investigations from third-party reviewer Groom Lake “regarding organizational governance and recent incidents involving a market maker.” The token dump occurred December last year, when Rentech allegedly sold 66 million MOVE for an estimated profit of 38 million USDT. Since then, the protocol has cut off all ties with the market maker and pledged a $38 million USDT buyback through a new reserve fund.