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Movement Labs has terminated co-founder Rushi Manche following a 66 million MOVE token dump that sparked a governance crisis. The project will now be led by Move Industries, with Torab Torabi as CEO and Will Gaines as President, as MOVE’s price drops over 34% this week.
- Movement Labs co-founder Rushi Manche was terminated after a 66 million MOVE token dump by market maker Rentech, violating governance principles.
- Move Industries, led by Torab Torabi and Will Gaines, takes over, pledging improved transparency and a builder-first approach.
- MOVE token price dropped 34% this week, with Binance freezing $38 million and Coinbase suspending trading amid the fallout.
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