Movement Labs Rebrands as Move Industries with New Leadership Team

On May 7, 2025, Movement Labs announced a significant restructuring, rebranding as Move Industries and terminating co-founder Rushi Manche amid a market-making scandal that destabilized its MOVE token. The new entity, led by early Movement Labs employees Torab Torabi as CEO and Will Gaines as president and chief marketing officer, aims to rebuild trust through enhanced governance and technical upgrades.

Movement’s Public Statement: Rebrand and Personnel Changes

Movement Labs revealed its transformation into Move Industries, a new company focused on transparent governance and community-driven blockchain development, according to an official X post. The rebrand follows the termination of co-founder Rushi Manche, who was implicated in controversial token deals that destabilized the MOVE token’s market performance. The new leadership team, comprising Torab Torabi as CEO and ecosystem architect and Will Gaines as president and chief marketing officer, consists of early Movement Labs employees committed to returning to the project’s “crypto’s radical roots.” Move Industries plans to introduce initiatives like the MoveDrop airdrop and Parthenon, alongside major technical upgrades, to strengthen its layer-2 blockchain ecosystem. The company also promised regular town halls, rigorous vetting processes, and a revamped governance structure to enhance transparency.

The MOVE Token Crisis

The rebrand follows a turbulent period for Movement Labs, triggered by a market-making scandal exposed by CoinDesk on April 30, 2025. Internal documents revealed that the Movement Foundation had signed a contract granting Web3Port Labs, via intermediary Rentech, access to 66 million MOVE tokens—approximately 5% of the circulating supply. The agreement, brokered by Rushi Manche, included a clause allowing Web3Port to liquidate tokens at a $5 billion fully diluted valuation, splitting profits with Rentech. On December 9, 2024, the day after MOVE’s Binance listing, Web3Port-linked accounts sold these tokens, netting $38 million in USDT, according to binance official statement.

Binance responded by freezing the funds and banning the market maker’s accounts in March 2025, citing misconduct, while Coinbase announced plans to delist MOVE by May 15. Movement Labs claimed it was misled into signing the contract, with Rentech falsely presented as a Web3Port subsidiary, and launched a third-party investigation led by Groom Lake. On May 2, 2025, Movement Labs suspended Manche pending the probe, escalating to his termination on May 7. The company also pledged a $38 million USDT token buyback to stabilize MOVE’s price, though critics note no buyback actions have materialized

The rebrand and personnel changes have not significantly impacted MOVE’s price, reflecting the severe damage caused by prior controversies to market and investor confidence in Movement. Over the past seven days, the MOVE token’s price has declined by 35.8%.

The rebrand announcement alone is insufficient to restore investor trust in Movement, with the community awaiting tangible operational performance from Move Industries to gradually rebuild confidence. Additionally, the third-party investigation led by Groom Lake into organizational governance and recent market-maker-related incidents remains ongoing, with a complete investigative report yet to be released.