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