Movement Labs drops co-founder Rushi Manche, appoints new leadership and rebrands

By: bitcoin ethereum news|2025/05/07 17:00:08

Movement Labs has terminated co-founder Rushi Manche in light of a recent market maker scandal and rebranded itself as Move Industries. The protocol will be led by Torab Torabi as the new CEO. On May 7, the network announced that it has terminated co-founder Rushi Manche and will proceed under a new leadership structure. “Details on leadership changes and a revamped governance structure will be coming soon,” said the protocol in an official post. Not long after, a new account emerged called The Movement (MOVE). It informed traders that the protocol has relaunched itself as Move Industries, a self-dubbed “new company” under a new leadership structure. Additionally, co-founder Cooper Scanlon has voluntarily stepped down as CEO. Therefore, Move Industries will be helmed by Torab Torabi as its CEO and ecosystem architect alongside Will Gaines, who will serve as President and Chief Marketing Officer. “This next chapter will ensure we continue building world-class infrastructure, world-class businesses and a world-class movement,” said Gaines in an official press release. Torabi views Move Industries as “the beginning of an exciting new chapter for the Movement” and vows to fully commit to improve the ecosystem, strengthening the community and supporting projects built on the network. Moving forward, the protocol plans to focus on technology and community as its “north stars,” as well as promising more transparent town halls and improved vetting and verifying systems. However, it appears the network’s recent restructuring has done little to save its native token, MOVE, from the inevitable tumble it has taken since market making allegations erupted. At press time, MOVE has gone down nearly 10% in the past 24 hours. It is currently trading hands at $0.16. In the past week, the token has plummeted more than 34%. In contrast, its daily trading volume has seen an exponential rise, having gone up by 141.4% compared to the previous trading day, indicating more market activity amidst the restructuring notice. What happened to Movement Labs’ Rushi Manche? Earlier this month, the protocol declared that it would be suspending co-founder Rushi Manche in light of a recent scandal involving one of its market makers, Rentech. This led to to the token being delisted from Coinbase, effectively suspending all related trading pairs. At the time, the protocol was still undergoing investigations from third-party reviewer Groom Lake “regarding organizational governance and recent incidents involving a market maker.” The token dump occurred December last year, when Rentech allegedly sold 66 million MOVE for an estimated profit of 38 million USDT (USDT). Binance reported the issue in March, freezing the money and notifying the Movement Foundation and Movement Labs. Since then, the protocol has cut off all ties with the market maker and pledged a $38 million USDT buyback through a new reserve fund. Source: https://crypto.news/movement-labs-drops-co-founder-rushi-manche-appoints-new-leadership-and-rebrands/

On March 4, 2026, DDC Enterprise Limited (NYSE American: DDC) today announced preliminary, unaudited full-year financial performance for the year ended December 31, 2025. The company expects to achieve record revenue and record positive adjusted EBITDA, primarily driven by continued growth in its core consumer food business and overall margin improvement. The final audited financial report is expected to be released in mid-April 2026.

2025 Full-Year Financial Highlights

Revenue: Expected to be between $39 million and $41 million, reaching a new company high.

Organic Growth: Excluding the impact of the company's strategic contraction of its U.S. operations, core revenue is expected to grow 11% to 17% year over year.

Gross Profit Margin: Expected to be between 28% and 30%, reflecting continued operational efficiency improvements.

Adjusted EBITDA: The company expects to achieve a positive full-year result in 2025, a significant improvement from a $3.5 million loss in 2024, mainly due to rigorous cost controls and a higher-margin sales mix.

Core Consumer Food Business Performance

In 2025, DDC's core consumer food business maintained strong operational performance.

The company also disclosed Core Consumer Food Business Adjusted EBITDA, a metric that further excludes costs related to its Bitcoin reserve strategy and non-cash fair value adjustments related to its Bitcoin holdings from adjusted EBITDA to more accurately reflect the core business performance.

In 2025, Core Consumer Food Business Adjusted EBITDA is expected to be between $5.5 million and $6 million.

Bitcoin Reserve Update

In the first half of 2025, DDC initiated a long-term Bitcoin accumulation strategy, holding Bitcoin as its primary reserve asset.

As of December 31, 2025: The company holds 1,183 BTC.

As of February 28, 2026: Holdings increased to 2,118 BTC

Today's additional purchase of 65 BTC brings the company's total holdings to 2,183 BTC

DDC Founder, Chairman, and CEO Norma Chu stated, "We are proud to have closed 2025 with record revenue and positive adjusted EBITDA, demonstrating the steady growth of the company's consumer food business and the ongoing improvement in profitability. We are building a disciplined, growth-oriented food platform and strategically allocating capital to Bitcoin assets with a long-term view, aligning with our core beliefs. We believe that this dual-track model of 'Steady Consumer Business + Strategic Bitcoin Reserve' will help DDC create lasting long-term value for shareholders."

Adjusted EBITDA Definition
For the full year 2025, the company defines "Adjusted EBITDA" (a non-GAAP financial measure) as: Net income / (loss) excluding the following items:· Interest expense· Taxes· Foreign exchange gains/losses· Long-lived asset impairment· Depreciation and amortization· Non-cash fair value changes related to financial instruments (including Bitcoin holdings)· Stock-based compensation

About DDC Enterprise Limited

DDC Enterprise Limited (NYSE: DDC) is actively implementing its corporate Bitcoin Treasury strategy while continuing to strengthen its position as a leading global Asian food platform.

The company has established Bitcoin as a core reserve asset and is executing a prudent, long-oriented accumulation strategy. While expanding its portfolio of food brands, DDC is gradually becoming one of the public company pioneers in integrating Bitcoin into its corporate financial architecture.

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DDC Enterprise Limited Announces 2025 Unaudited Preliminary Financial Performance: Record Revenue Achieved, Bitcoin Treasury Grows to 2183 Coins