{"id":23747,"date":"2025-05-07T15:40:45","date_gmt":"2025-05-07T12:40:45","guid":{"rendered":"https:\/\/forklog.com\/en\/movement-labs-dismisses-co-founder-amid-move-token-scandal\/"},"modified":"2025-05-07T15:40:45","modified_gmt":"2025-05-07T12:40:45","slug":"movement-labs-dismisses-co-founder-amid-move-token-scandal","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/movement-labs-dismisses-co-founder-amid-move-token-scandal\/","title":{"rendered":"Movement Labs Dismisses Co-founder Amid MOVE Token Scandal"},"content":{"rendered":"<p>Movement Labs has announced the dismissal of co-founder Rushi Manche following a scandal involving market makers and price manipulation of the MOVE token.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Movement Labs has terminated Rushi Manche. Movement will continue under different leadership.<\/p>\n<p>Details on leadership changes and a revamped governance structure will be coming soon.<\/p>\n<p>\u2014 Movement (@movementlabsxyz) <a href=\"https:\/\/twitter.com\/movementlabsxyz\/status\/1919974813642502381?ref_src=twsrc%5Etfw\">May 7, 2025<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>The project will continue under new leadership, according to startup representatives.<\/p>\n<p>On the same day, the company announced the creation of Move Industries, a subsidiary with a revised governance system. Torab You and Will Gaines, who previously held junior positions at Movement, have been appointed as leaders.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">We are Move Industries. The Movement is now under new leadership. Today, a new era begins!<\/p>\n<p>Who is behind Move Industries?<\/p>\n<p>Early employees from Movement Labs, including the two founding leaders of Move Industries.<a href=\"https:\/\/twitter.com\/torabyou?ref_src=twsrc%5Etfw\">@torabyou<\/a>: CEO and Movement ecosystem architect\u2026<\/p>\n<p>\u2014 The Movement (@moveindustries) <a href=\"https:\/\/twitter.com\/moveindustries\/status\/1919983628563706242?ref_src=twsrc%5Etfw\">May 7, 2025<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><em>\u201cWe must start with a clean slate. Back to basics\u2014technology and community,\u201d explained Move Industries regarding the decision.<\/em><\/p>\n<\/blockquote>\n<p>The company has promised weekly open meetings with investors and audits of key operations.<\/p>\n<p>The scandal <a href=\"https:\/\/forklog.com\/en\/news\/movement-labs-investigates-market-maker-collusion\">erupted<\/a> after Manche made a deal with a market maker. The latter was granted the right to sell a large package of MOVE, triggering a price collapse and accusations of market manipulation.<\/p>\n<p>Binance <a href=\"https:\/\/forklog.com\/en\/news\/binance-acts-against-market-maker-for-move-token-manipulation\">blacklisted<\/a> the market maker, while Coinbase <a href=\"https:\/\/forklog.com\/en\/news\/movement-labs-co-founder-suspended-amid-move-token-controversy\">announced<\/a> the cessation of token trading.<\/p>\n<p>Despite attempts to stabilize the situation, the MOVE price continues to fall. At the time of writing, the token is trading at $0.1578, down 14.6% over the past 24 hours, according to <a href=\"https:\/\/www.coingecko.com\/en\/coins\/movement\">CoinGecko<\/a>.<\/p>\n<p>Back in April, the Movement Network team <a href=\"https:\/\/forklog.com\/en\/news\/movement-network-probes-market-maker-anomaly\">initiated<\/a> an investigation into the \u201cmarket maker anomaly.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Movement Labs has announced the dismissal of co-founder Rushi Manche following a scandal involving market makers and price manipulation of the MOVE token. Movement Labs has terminated Rushi Manche. Movement will continue under different leadership. Details on leadership changes and a revamped governance structure will be coming soon. \u2014 Movement (@movementlabsxyz) May 7, 2025 The [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":23746,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1166,816,596],"class_list":["post-23747","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-centralized-exchanges-cex","tag-rebranding","tag-tokens"],"aioseo_notices":[],"amp_enabled":true,"views":"87","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/23747","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=23747"}],"version-history":[{"count":0,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/23747\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/23746"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=23747"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=23747"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=23747"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}