Movement Labs has removed co-founder Rushi Manche from the company after controversy over a deal he arranged with a market maker.
The team shared in a May 7 post on X that it had “terminated Rushi Manche” and would move forward with new leadership. The update also mentioned that governance changes are on the way.
At the same time, Movement Labs introduced a new company, Move Industries. Former Movement Labs members Torab Torabi and Will Gaines will take on the roles of CEO and chief marketing officer.
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In their announcement, they said, “In light of recent news, we needed a clean break. Movement started with the community and our builders”. They promised clearer rules, regular town halls to keep the community informed, and stronger checks before working with outside groups.
The decision to part ways with Manche followed an April 21 review requested by the Movement Network Foundation. This review looks into a deal Manche made through Rentech with the market maker Web3Port.
After the deal, Web3Port reportedly sold 66 million MOVE tokens, which made up about 5% of the token’s total supply. This sale caused around $38 million in selling pressure in December 2024.
Private intelligence company Groom Lake is handling the investigation. Its founder, Fernando Reyes Jr., said he would not release any findings without written permission.
Meanwhile, OpenAI has decided to remove profit limits and restructure its business model as a public benefit company. Why? Read the full story.
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