Movement Labs has filed for Chapter 11 bankruptcy protection after months of upheaval, according to CoinDesk. The filing follows a turbulent stretch that included a controversial market-making agreement, an internal investigation into the launch of its MOVE token, a Binance ban linked to its market maker, and a late strategic shift away from Ethereum scaling toward cross-border payments. The case marks another turn in a saga that has unfolded over the past several months, with the company moving from token-launch scrutiny to a broader overhaul of its business direction. CoinDesk reported the filing on July 21, with the article published at 5:54 p.m. UTC and later updated at 5:58 p.m. UTC.
Movement Labs has filed for Chapter 11 bankruptcy protection, months after the company was hit by a token scandal and a strategic overhaul.
According to CoinDesk, the filing follows months of upheaval that included a controversial market-making agreement, an internal investigation into the launch of its MOVE token, a Binance ban tied to its market maker, and a last-minute pivot from Ethereum scaling to cross-border payments.
Bankruptcy filing follows a long run of disruptions
CoinDesk reported on July 21 that Movement Labs entered Chapter 11 proceedings after a period marked by repeated operational and strategic setbacks.
The reported issues included scrutiny around the MOVE token launch and a market-making arrangement that drew controversy. Binance also imposed a ban tied to the company’s market maker. Before the filing, Movement Labs had also shifted strategy, moving away from Ethereum scaling and toward cross-border payments.
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