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MOVE Token Plummets 50% Amid Leadership Shakeup, Binance Warning

Coin WorldWednesday, May 7, 2025 4:33 pm ET

1min read

Movement Labs, the company behind the MOVE token, has undergone significant changes following a high-profile investigation into suspicious market activity. The firm has terminated its co-founder, Rushi Manche, and restructured under a new name, Move Industries. The decision comes after a December 2024 token dump that caused MOVE’s price to crash, leading to an investigation by blockchain intelligence firm Groom Lake and a $38 million token buyback initiative.

Manche, who denied involvement in the suspicious activity, claimed the project relied on poor advice from external partners. He has not yet publicly commented on his termination from the project. The new leadership of Move Industries includes founding member Torab Torabi as CEO and Will Gaines, formerly in charge of marketing, as president. The rebrand marks an effort to restore credibility and refocus the project on its original mission, prioritizing community engagement and technological development.

The drama surrounding the project has significantly impacted the network’s native token, MOVE. The token dropped nearly 13% in the past 24 hours to around $0.15 as of press time. This marks a 35% decline over the past week and a staggering 50% plunge in the last month. MOVE has lost approximately 87% of its value since reaching an all-time high of $1.21 in December 2024.

Due to this volatility, Binance has added a monitoring tag to MOVE. The exchange warned that tokens with this tag carry significantly higher risks and price swings. According to the exchange, these tokens are closely monitored, with regular reviews conducted. Tokens with the Monitoring Tag are at risk of no longer meeting the listing criteria and being delisted from the platform.

Analysts suggest that the dramatic plunge in MOVE’s value and the potential delisting from Binance could further erode investor confidence in the token. The rebranding and leadership changes at Move Industries aim to address these issues by returning to crypto’s foundational principles and focusing on delivering real value over hype. The team stated, “We’ll return to crypto’s radical roots. We want to build better opportunities for people.”

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