Movement Labs applies for Chapter 11 bankruptcy protection, previously under review for the sale of 66 million MOVEs
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Movement Labs has applied for Chapter 11 bankruptcy protection. The project was under review due to a market making agreement that allowed for the rapid sale of 66 million MOVEs, which subsequently led to a drop in MOVE prices and sparked investigations and token buybacks. Movement Labs has recently shifted towards cross-border payments and stablecoin settlement businesses. During the program period of Chapter 11, the follow-up arrangements for Movement Labs' blockchain network, partnership, and payment expansion plan have not been clarified, and operations can continue during the restructuring period.