Movement Labs has made a shocking announcement that it has severed all ties with its co-founder Rushi Manche. This decision came on the heels of devastating losses for the company.
Movement Announcement
The company’s statement confirmed the complete termination of its relationship with Rushi Manche.
“Movement Labs has immediately severed all ties with Rushi Manche.” – Movement Labs
Officials outlined the next steps following this development.
“We are Move Industries. Movement is now under new leadership. A new era begins today! Move Industries’ backing includes both co-founding leaders of Movement Labs: torabyou (CEO and Movement ecosystem architect), livingwithwill (Chairman & CMO and marketing genius).
Why start a new company? In light of recent news, we needed a clean break and a return to our roots. The new leadership team offers transparency, inclusive meetings, and stringent management.
We will return to the radical roots of crypto. We aim to create better opportunities for people. What’s next?
MoveDrop
Parthenon
Major tech upgrades
Move has undergone a revolution. You will hear much more from us soon.”
Recently, it was revealed that secret deals occurred among parties associated with the company during the launch of the MOVE token. Examined internal documents and investor correspondence exposed shadow advisors, undisclosed payment flows, and unreported token allocations. Rushi Manche was found directly responsible for all of this and is now gone.
MOVE Token Price
The token experienced a 2.5% drop in the last 24 hours and a 35% decline over the past week. It is clear that these developments have negatively impacted the market. The company plans to develop a new strategy to restructure corporate governance. However, time will tell how much the community will embrace this change. Without addressing the “return to roots” mentioned earlier, it is hard to claim that risks for the MOVE Token have ended.
Following the MOVE token launch, pressures from the community and concerns over operational transparency laid the groundwork for a collective delisting process. After its launch in December, the price steadily declined, demonstrating the ruthlessness of Rushi Manche.
As seen in the above chart, the price decreased steadily over 148 days, losing over 88% from its peak.
These developments have sparked industry-wide debates about corporate transparency and auditing. The future will likely see the formulation and implementation of new strategies.