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MVMT Labs files for bankruptcy
Bull/Bear Index 47.4/100 →
crypto ◆ Mixed Web3 is Going Just Great 1h ago Read original ↗

MVMT Labs files for bankruptcy

MVMT Labs, the company behind the Movement blockchain, has filed for bankruptcy, reporting assets of between $100,001 and $500,000 against liabilities of between $1 million and $10 million. The largest unsecured claim, at more than $1.6 million, belongs to co-founder Rushi Manche — whom the company fired in May 2025 after an investigation into the MOVE token launch.Movement was an Ethereum layer-2 built on Move, the language originally developed for Facebook's dead Libra stablecoin project. It raised tens of millions, including a $38 million Series A led by Polychain in April 2024, before its December 2024 token launch went sideways. The firm opted to give an obscure market maker called Rentech control of 66 million $MOVE, or around 5% of supply, which they promptly dumped, crashing the price.The Movement blockchain will reportedly continue on under a new company called Move Industries, and pivot away from Ethereum scaling and towards stablecoin operations. Chapter 11 Voluntary Petition filed by MVMT Labs "Movement Labs files for Chapter 11 bankruptcy months after token scandal" , CoinDesk

Key takeaway

"MVMT Labs files for bankruptcy" — BullBear's AI rates this story as a mixed, direction-neutral signal, with a market-impact score of 0 out of 100. MVMT Labs, the company behind the Movement blockchain, has filed for bankruptcy, reporting assets of between $100,001 and $500,000 against liabilities of between $1 million and $10 million. The largest unsecured claim, at more than $1.6 million, belongs to co-founder Rushi Manche — whom the company fired in May 2025 after an investigation into the MOVE token launch.Movement was an Ethereum layer-2 built on Move, the language originally developed for Facebook's dead Libra stablecoin project. It raised tens of millions, including a $38 million Series A led by Polychain in April 2024, before its December 2024 token launch went sideways. The firm opted to give an obscure market maker called Rentech control of 66 million $MOVE, or around 5% of supply, which they promptly dumped, crashing the price.The Movement blockchain will reportedly continue on under a new company called Move Industries, and pivot away from Ethereum scaling and towards stablecoin operations. Chapter 11 Voluntary Petition filed by MVMT Labs "Movement Labs files for Chapter 11 bankruptcy months after token scandal" , CoinDesk Reported by Web3 is Going Just Great on August 11, 2026. The call is verified against the actual 24-hour price move on BullBear's public conviction ledger.

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