Movement Labs rebrands as MOVE token experiences significant decline and possible delisting from Binance.

Movement Labs has dismissed co-founder Rushi Manche and has undergone a rebranding, now operating as Move Industries.

The company announced Manche’s exit on May 7, noting, “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.”

This action comes in the wake of a prominent inquiry into questionable market activities related to the firm’s MOVE token, particularly concerning a token dump in December 2024 that led to a significant price drop.

In reaction to these events, Movement Labs engaged the services of blockchain analytics firm Groom Lake to investigate the matter and severed ties with the previous market maker. Additionally, the company initiated a $38 million token repurchase program.

Manche, who has denied any involvement in the alleged misconduct, suggested that the project faced challenges due to inadequate guidance from external advisors. He has not made any public statements regarding his departure from the firm.

After the leadership overhaul, Movement Labs has rebranded as Move Industries. This change signifies an attempt to regain trust and realign the project’s objectives.

In a May 7 announcement, it was revealed that founding member Torab Torabi will serve as CEO, while Will Gaines, who previously led the marketing efforts, has taken on the role of president.

Move Industries emphasized a new leadership philosophy that focuses on fostering community involvement and enhancing technological innovation. The goal is to regain trust by adhering to the core tenets of cryptocurrency and prioritizing substance over hype.

The team expressed, “We’ll return to crypto’s radical roots. We want to build better opportunities for people.”

The turmoil surrounding the organization has significantly impacted its native token, MOVE.

Recent data indicates that the token fell nearly 13% within the last 24 hours, dropping to approximately $0.15. This represents a 35% decrease over the past week and a dramatic 50% decline in the past month.

MOVE has lost around 87% of its value since peaking at $1.21 in December 2024.

Due to this market instability, Binance has implemented a monitoring label for MOVE. The exchange cautioned that tokens with this designation experience greater risks and price volatility.

As stated by the exchange, “These tokens are closely monitored, with regular reviews conducted. Keep in mind that tokens with the Monitoring Tag are at risk of no longer meeting our listing criteria and being delisted from the platform.”