Movement Labs has made a shocking announcement of severing all ties with co-founder Rushi Manche following devastating company losses.
Movement Labs Announcement
The company's statement confirmed the 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) and 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?"
Impacts on MOVE Token Market
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.
After 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.
Future of the Company and Strategies
These developments have sparked industry-wide debates about corporate transparency and auditing. The future will likely see the formulation and implementation of new strategies.
The severance of ties between Movement Labs and Rushi Manche highlights the need for internal change within the company and a review of corporate strategy. Time will tell how well the community embraces these changes.
