Based on the Move programming language and claiming to be dedicated to efficient and secure blockchain solutions, Movement has recently faced scrutiny due to the MOVE token trading controversy. The dispute originated from an undisclosed market maker transaction facilitated by Movement co-founder Rushi Manche, which not only caused a token price crash but also brought market manipulation allegations against Movement.
Rushi Manche Officially Fired, New Company Move Industries Established
After an internal investigation, Movement announced on May 2, 2025, that it had suspended Manche's duties. Just yesterday (7th), Movement released another statement on the X platform, officially confirming the termination of co-founder Rushi Manche's position and stating that the project will continue to develop under a new leadership team. The statement read:
Movement Labs has terminated Rushi Manche's position. Movement will continue forward under new leadership.
Later the same day, Movement Labs also announced the establishment of a new company, Move Industries, led by two early employees, Torab You and Will Gaines. According to the official explanation, the company aims to return to the original vision of the Movement community and developers, providing greater transparency and focusing on technical and community development. The announcement stated:
We are Move Industries. Movement is now under new leadership. Today, a new era officially begins!
Who is behind Move Industries? Early employees from Movement Labs, including the two founding leaders of Move Industries:
@torabyou: CEO and Movement Ecosystem Architect
@livingwithwill: President and Chief Marketing Officer, Marketing Genius
Why establish a new company?
Given recent events, we need a clean break. Movement began with our community and developers. We are returning to our roots.
How will Move Industries be better?
First, improved governance: new leadership team, open meetings for transparency, stricter review and verification
Second, evolved leadership philosophy. Our focus will be dual-pronged, with technology and community as our North Star. This is not just hype, but focus based on actual actions.
We will return to the original spirit of cryptocurrency. We want to create better opportunities for people.
What's next? MoveDrop, Parthenon, major technical upgrades
Movement has undergone a revolution. You will hear more from us soon.
MOVE Token Trading Controversy
The core of the controversy is a market maker transaction planned by Rushi Manche, involving 66 million MOVE tokens, approximately 5% of the total supply. The transaction allowed market makers to sell large quantities of MOVE tokens after its listing, creating selling pressure of about $38 million and triggering market manipulation and insider trading allegations.
Manche himself previously acknowledged the mistake in an X post, stating that the company trusted "speculative advisors," leading to a decision-making error. This incident sparked strong community backlash and prompted major exchanges to take action: Binance blacklisted the involved market makers, while Coinbase announced the suspension of MOVE token trading on May 15.
MOVE Token Halved in Nearly 1 Month
This turmoil has also severely impacted the MOVE token price. According to CoinGecko data, the MOVE token has plummeted 51.5% in the past month, currently trading at $0.158, with a market cap of $395 million.
Although Movement has taken measures to salvage the project's image, many investors remain skeptical, and with Coinbase about to suspend MOVE trading, the project's short-term challenges remain significant. Under the leadership of the new company Move Industries, whether Movement can revive itself remains to be seen.
