Movement Labs files for Chapter 11 bankruptcy protection, previously scrutinized over rapid sale of 66 million MOVE tokens
2026-07-21 17:56
Odaily Odaily Planet Daily News Movement blockchain developer Movement Labs has filed for Chapter 11 bankruptcy protection. The project previously faced scrutiny over a market-making agreement that allowed the rapid sale of 66 million MOVE tokens, leading to a sharp decline in MOVE's price and triggering investigations and token buybacks.
Movement Labs has recently pivoted to cross-border payments and stablecoin settlement services. During the Chapter 11 proceedings, the future arrangements for its blockchain network, partnerships, and payment expansion plans remain unclear, but operations can continue during the restructuring period.
Movement Labs has recently pivoted to cross-border payments and stablecoin settlement services. During the Chapter 11 proceedings, the future arrangements for its blockchain network, partnerships, and payment expansion plans remain unclear, but operations can continue during the restructuring period.
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