Movement, the project that faced a major token sell-off scandal shortly after its launch last year, has officially relaunched as an independent Layer 1 blockchain. The strategic pivot, led by a new entity called Move Industries under CEO Torab Torabi, shifts the network’s focus entirely toward stablecoin payment solutions for emerging markets.
The controversy dates back to early 2025 when a Binance investigation revealed that market maker Rentech controlled 66 million MOVE tokens (approximately 5% of total supply). These tokens were massively sold within hours of the launch, causing the price to crash from an all-time high of $1.45 to around $0.01. The dump temporarily halted trading on Binance and Coinbase, and then-CEO Rushi Manche was removed after an internal probe implicated him in coordinating the sell-off.
As part of the restructuring, Move Industries acquired the core R&D division of Movement Labs. The Movement Network Foundation repurchased 19% of tokens originally allocated to investors—equivalent to 4.1% of the total supply—to restore some community confidence. Torab Torabi, previously in business development, now describes the old architecture as a “Frankenstein” chain reliant on third-party dependencies like Celestia for data availability and Ethereum for settlement.
The new Layer 1 operates on a proprietary technology stack with dedicated validators and settlement times below 500 milliseconds, a dramatic improvement from the seven-second latency of its former L2 design. The company has integrated money market infrastructure from project Canopy to support a vertically integrated financial layer.
Key partnerships anchor the renewed strategy: Circle launched USDCx as the network’s native stablecoin for payments, treasury, and savings. Wallet startups KAST and Sorted will facilitate user onboarding, while tokenization projects Oro, Yuzu Money, and Zoth bring real-world asset representation. Protocol Avant will build yield and treasury products on the Movement infrastructure.
Torabi emphasized the company’s new identity: “Essentially, we are no longer a crypto company. We are a fintech company that uses blockchain rails.” Movement specifically targets the roughly $685 billion global remittance market, focusing on low- and middle-income countries. The project has already secured access to licensed payment rails in the United States, the European Union, and Canada, and held preliminary meetings with authorities in Ethiopia, including the country’s president and Ministry of Finance.
The relaunch highlights a broader industry tension between speculative token launches and real-world utility. By pivoting to stablecoin payments for the unbanked, Movement aims to rebuild trust and demonstrate a sustainable model for projects that have endured significant governance crises.
