Binance, the world’s largest cryptocurrency exchange, has announced today, May 7, 2025, that it will add a monitoring tag to several tokens which include Movement (MOVE), ALPHA, HIFI, LEVER, PORTAL, and REI. This tag indicates that the token is under observation due to the increased risk or volatility. It also warns users about the possibility of delisting if the token does not meet Binance’s standards.
Leadership Shakeup at Movement Labs
At Movement Labs, the core developer of the Movement Network and issuer of MOVE tokens, has terminated its CEO and co-founder, Rushi Manche for his involvement in the $38 million agreement with Rentech (market maker) that led a massive sell-off of MOVE tokens due to which the price of the token collapsed overnight.
Internal investigation showed that Manche was involved in deals where there were hidden agreements and potential conflicts of interest, all of this happened without the community or investors being aware of it. After the collapse, there were reviews of governance issues and this information came forward. After this revelation, the company after careful consideration decided to change its leadership.
Movement Labs Undergoes Restructuring and Rebranding
Movement Labs is undergoing restructuring and rebranding itself for the community and the investors. Moving forward, the company will be operating as Move Industries with Torab Torabi appointed as it’s CEO and Will Gaines as the President and Chief Marketing Officer.
Co-founder Cooper Scanlon has also stepped down and passed all his roles and responsibilities to Torabi. The new team has pledged to make amends and improve the governance, increase transparency, and increase their focus on engagement from the community.
Price Impact
With this development, the token has experienced a significant decline. At press time, the price of the token stands at $0.155 with a dip of 13.5% in the last 24 hours as per CoinGecko.
While Binance has not announced delisting of the token, Coinbase, another well-known cryptocurrency exchange, announced suspension of the token by May 15, 2025 a few days ago. This announcement also led to a significant decrease in the price of the token.
Will The Project Make It Back Up?
These turn of events (the market maker scandal, abrupt change in the leadership, lack of transparency) has damaged the reputation of the company and the project . It was the community members and the investors who suffered the loss due to the loop holes present in the project’s governance. With this loss and the volatility hovering over the token, it will become harder for the project to attract new capital or even retain its current holders.
Regaining trust after such high-profile scandals is going to be difficult task for the company. The project will have to put in great amount of efforts to rebuild trust amongst the investors before the support can return. Will the company be able to make its mark in the industry again? Only time will tell.
