The MOVE token continues to slump despite the announcement of a full leadership reset and the launch of a new organization, Move Industries. The token fell another 12% today, briefly trading below $0.16 – its lowest since the original crisis began. Coinbase’s trading suspension on May 15 remains in place.
We explain what the Movement (MOVE) controversy is about in this article.
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A New Era, Same Token
Movement Labs confirmed the immediate termination of co-founder Rushi Manche, following weeks of public pressure and internal turmoil. In his place, early team members Will and Torab have taken charge under a new company banner – Move Industries.
In a series of announcements posted on X, the new leadership pitched the rebrand as a break from the past and a return to “crypto’s radical roots“. The message emphasized transparency, tech, and community over hype, with promises of “town halls“, stricter governance, and a renewed focus on dApp builders.
Torab, CEO and ecosystem architect, in his own post acknowledged past missteps and promised to shift attention back to developers and dApps:
“Unfortunately there were strings of short term decisions that dominoed into the situation we see today. That stops now.”
The Same Problems Remain
Despite the shift in leadership and rebranding, market confidence is still low. The MOVE token has now lost nearly 90% from its December highs, and today’s 12% drop suggests that investors are not yet convinced the rebrand solves the issues.
Coinbase has not reversed its decision to suspend MOVE, and Binance has given no indication of re-listing or unfreezing funds connected to the earlier market-making controversy. Without those changes, sentiment will remain fragile.
What Comes Next
The removal of Rushi Manche and the formation of Move Industries marks a significant change for the troubled Movement project, but the path forward remains uncertain.
With trading suspensions still in effect and the token trading near record lows, the new leadership faces a steep uphill climb. The team has laid out a vision that emphasizes transparency, governance, and renewed focus on builders, but for now, those promises are in writing and have not yet been reflected in price or sentiment.
Until exchanges respond or the project shows clear signs of delivery, the MOVE token’s recovery remains out of reach. The rebrand may offer a clean slate, but it doesn’t erase what came before.
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