Movement Labs has terminated co-founder Rushi Manche following a chaotic week marked by a governance crisis due to the dumping of 66 million MOVE tokens. This significant token dump led to internal and community backlash, prompting the company to announce the formation of a new entity, Move Industries, with Torab Torabi stepping in as CEO and Will Gaines as President. The leadership change signifies a commitment to improved transparency and governance. Manche’s controversial actions involved forwarding a problematic deal with market maker Rentech, which resulted in heavy selling pressure on the token shortly after its launch. The fallout has severely impacted the token’s value, leading to an all-time low following Coinbase’s announcement to suspend trading of MOVE. Despite the turmoil, Move Industries asserts its ongoing projects will proceed, including community initiatives aimed at explaining these changes.

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