Movement Labs has decided to remove co-founder Rushi Manche from the company, resulting in him being ousted, and rebranded as Move Industries.

This change took place during Movement Labs' ongoing review regarding organizational governance and the recent market maker issue. The announcement was made on X platform, revealing that the Movement will carry on with new leadership.

The decision to terminate Rushi Manche came shortly after his suspension, which was reported by BeInCrypto due to alleged market maker misconduct involving the MOVE token. Despite conflicting reports and controversies circulating on Slack, Manche disagreed with news of his departure at the time.

Following the news, MOVE token's value dropped by more than 10% within 24 hours, currently trading at $0.16. Community feedback reflected disappointment over the lack of transparency in the situation.

The development of the story is linked to agreements between entities associated with Movement Labs and market makers since the launch of the MOVE token, involving shadow advisors, undisclosed payment transactions, and contentious token allocations.

Co-founder Cooper Scanlon announced plans to restructure the company amid the controversies, launching a new venture called Move Industries. Torab Torabi will lead as CEO, and Will Gaines as president, taking over marketing duties.

Acknowledging the skepticism and false narratives, Scanlon emphasized the need for restructuring and transparency in the new company. Move Industries aims to focus on technology and community, promising more transparency and a commitment to building better opportunities for its stakeholders. Also, it plans to proceed with the delayed MoveDrop (MOVE airdrop) program.