TL;DR
- Movement Labs has decided to sever ties with Rushi Manche, the company’s co-founder, due to controversy over undisclosed agreements.
- Manche’s termination was preceded by the delisting of the MOVE token from Coinbase, following concerns about lack of transparency and governance.
- In a new phase, the project has been reorganized under the name Move Industries, with Torab and Will taking on leadership roles.
Movement Labs has announced that it has decided to sever ties with Rushi Manche, one of its co-founders, due to the controversy generated by undisclosed agreements related to the MOVE token.
A Hard Blow to the MOVE Token
The decision became public after revealing secret transactions between entities linked to the project and undisclosed advisor agreements. This information dealt a hard blow to the MOVE token, which saw its value drop by 8.5% in the past 24 hours and a 35% loss over the past week.
The company has not yet named a replacement for Manche nor outlined the next steps regarding the restructuring of its governance. However, in a statement posted on its X account, Movement Labs confirmed Manche’s termination and assured that the company would continue under new leadership. Details about the leadership change and the new governance structure will be announced shortly.
Manche’s suspension occurred on May 2, shortly after Coinbase decided to remove the MOVE token from its platform. The community expressed concerns about the project’s transparency and internal governance, which led to the token’s removal. It was also reported that secret agreements, undisclosed payment flows, and token allocations linked to the MOVE launch were directly associated with Manche.
Movement Labs Announces a New Phase for the Project
Despite the controversy, Movement Labs has revealed that the project has entered a new phase of reorganization, now rebranded as Move Industries. Torab, the current CEO and ecosystem architect, along with Will, president and CMO, both early employees of the firm, have taken over leadership of the project. In this new phase, the focus will be on promoting a renewed governance structure and moving forward with a new roadmap. The executives have emphasized their intention to return to the project’s community and technological principles.
Additionally, future launches have been announced, including MoveDrop airdrops, the Parthenon project, and several important technical updates. These changes aim to revitalize the project and regain the community’s trust.
