Movement Labs, the Movement blockchain developer, filed for Chapter 11 bankruptcy on July 15, 2026, in the U.S. Bankruptcy Court, District of Delaware.
According to court filings, the company has assets ranging from $100K to $1M, but liabilities total $1M to $10M with 200 to 999 creditors. The largest creditor is co-founder Rushi Manche, with a claim for more than $1.6M. Other creditors include the Delaware Division of Revenue and Anchorage Digital.
This bankruptcy follows a prolonged chain of incidents: internal disputes, a market-making scandal involving the MOVE token, and an order banning market-making accounts from Binance. Previously, a market maker received and sold 66 million MOVE tokens (about 5% of the supply), creating sell pressure of roughly $38M. Coinbase also halted MOVE trading.
Notably, Move Industries—an independent legal entity that took over ecosystem development from 12/2025—remains operational normally and is not affected by this bankruptcy.
The MOVE token is currently trading around $0.0108, down about 99% from its ATH peak of $1.45 after launching in 12/2024.
#MOVE #MovementLabs #Bankruptcy #Crypto
According to court filings, the company has assets ranging from $100K to $1M, but liabilities total $1M to $10M with 200 to 999 creditors. The largest creditor is co-founder Rushi Manche, with a claim for more than $1.6M. Other creditors include the Delaware Division of Revenue and Anchorage Digital.
This bankruptcy follows a prolonged chain of incidents: internal disputes, a market-making scandal involving the MOVE token, and an order banning market-making accounts from Binance. Previously, a market maker received and sold 66 million MOVE tokens (about 5% of the supply), creating sell pressure of roughly $38M. Coinbase also halted MOVE trading.
Notably, Move Industries—an independent legal entity that took over ecosystem development from 12/2025—remains operational normally and is not affected by this bankruptcy.
The MOVE token is currently trading around $0.0108, down about 99% from its ATH peak of $1.45 after launching in 12/2024.
#MOVE #MovementLabs #Bankruptcy #Crypto