Motion Labs has formally rebranded as Transfer Industries following the elimination of its co-founder Rushi Manche, as the corporate reels from a steep crash within the worth of its MOVE token and growing scrutiny from Binance.

The management shake-up and rebrand goal to revive investor confidence amid mounting issues over governance and token stability.

The announcement got here on Could 7, with the agency confirming it had terminated Manche’s involvement.

“Movement Labs has terminated Rushi Manche. Movement will continue under different leadership,” the corporate stated in a press release.

It additionally promised additional updates on its revamped governance construction and management staff.

The dramatic choice follows an inside investigation into alleged market manipulation involving a considerable December 2024 token dump that triggered an enormous sell-off in MOVE.

In response, the corporate engaged blockchain intelligence agency Groom Lake to analyze the matter and severed ties with its market maker.

Moreover, a $38 million token buyback initiative was launched in an try to stabilize the token and reassure traders.

Whereas Manche has denied any wrongdoing, he beforehand attributed the mission’s challenges to poor strategic recommendation from exterior companions.

He has but to reply publicly to his dismissal.

Management transition and rebranding technique

As a part of its restructuring, the corporate has rebranded itself as Transfer Industries.

Founding staff member Torab Torabi has stepped in as the brand new CEO, whereas Will Gaines, previously head of selling, now serves as president.

The brand new management has signaled a shift in route—specializing in transparency, group involvement, and significant technological progress.

In a press release, the staff emphasised their intent to return to “crypto’s radical roots” by delivering utility-focused innovation quite than market-driven hype.

MOVE token tumbles and faces Binance scrutiny

The continuing controversy has taken a severe toll on the MOVE token.

Over the previous 24 hours, the token dropped practically 10% to about $0.16, extending a weekly lack of 35%.

Since hitting its all-time excessive of $1.21 in December 2024, MOVE has misplaced roughly 87% of its worth.

Amid the heightened volatility, Binance has slapped a “Monitoring Tag” on the token—signaling potential non-compliance with the trade’s itemizing requirements and elevating the chance of delisting.

In response to Binance, tokens underneath this label are topic to enhanced surveillance and could also be faraway from the platform in the event that they fail to fulfill ongoing necessities.