news_update

#NewsAboutCrypto #news_update
---
MVMT Labs, Inc. — the original development company behind the Movement blockchain — has filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the District of Delaware. The filing was submitted on July 15, 2026, and formalizes the collapse of a project once associated with a valuation approaching $3 B
**Key Points**
- The case, styled MVMT Labs, Inc. (Case No. 1:26-bk-11113), was filed on July 15, 2026 in Delaware Bankruptcy Court. [Pacermonitor](https://www.pacermonitor.com/public/case/65708680/MVMT_Labs,_Inc)
- Court records list estimated assets between $100,001 and $500,000, against liabilities ranging from $1 million to $10 million. [Blockonomi](https://blockonomi.com/movement-labs-files-for-chapter-11-bankruptcy-after-38m-move-token-scandal)
- The petition lists between 200 and 999 creditors. [Blockonomi](https://blockonomi.com/movement-labs-files-for-chapter-11-bankruptcy-after-38m-move-token-scandal)
- The largest unsecured claim belongs to ousted co-founder Rushikesh "Rushi" Manche, at over $1.6 million. [The Block](https://www.theblock.co/post/409151/ousted-founders-1-6-million-claim-tops-movement-labs-bankruptcy-filing)
- The company selected Subchapter V, a streamlined restructuring track for smaller businesses, with the case assigned to Judge Thomas M. Horan. [Blockonomi](https://blockonomi.com/movement-labs-files-for-chapter-11-bankruptcy-after-38m-move-token-scandal)
**Background: From Hype to Insolvency**
Movement was an Ethereum layer-2 network built using the Move programming language, which originated at Meta. [CoinDesk](https://www.coindesk.com/policy/2026/07/21/movement-labs-files-for-chapter-11-months-after-token-scandal-and-strategic-overhaul) The project rode a wave of enthusiasm before running into serious trouble.
Manche, who still holds a 34.25% equity stake, had previously sued the company in Delaware Chancery Court and won advancement of his legal fees tied to a DOJ grand jury investigation into a MOVE token launch scandal. [The Block](https://www.theblock.co/post/409151/ousted-founders-1-6-million-claim-tops-movement-labs-bankruptcy-filing) The broader fallout included a Binance ban and a roughly 99% collapse in the MOVE token's price. [Crypto Briefing](https://cryptobriefing.com/movement-creator-files-for-bankruptcy-after-token-scandal/)
**What Happens Next**
A creditors' meeting is scheduled for August 20, with most proofs of claim due by September 14. A restructuring plan is due October 13 [Blockonomi](https://blockonomi.com/movement-labs-files-for-chapter-11-bankruptcy-after-38m-move-token-scandal) , at which point it will become clearer whether the company reorganizes or winds down entirely.
Importantly, this bankruptcy doesn't necessarily mean the end of the Movement ecosystem itself. Move Industries — a separate legal entity from MVMT Labs — had already announced a pivot away from competing with other Ethereum scaling networks, shifting focus toward cross-border payments, remittances, and stablecoin settlement. [CoinDesk](https://www.coindesk.com/policy/2026/07/21/movement-labs-files-for-chapter-11-months-after-token-scandal-and-strategic-overhaul) Move Industries CEO Torab Torabi has said his company is not involved in the bankruptcy proceedings. [The Block](https://www.theblock.co/post/409151/ousted-founders-1-6-million-claim-tops-movement-labs-bankruptcy-filing)
**Bottom line:** A Chapter 11 filing starts a court-supervised process — it is not an immediate shutdown. Creditors, former founders, and the surviving Move Industries entity will now compete over what remains of a project that once symbolized crypto's boom-era optimism.
---
**Suggested photo:** A stock/editorial image of a courthouse exterior (Delaware federal courthouse if available) or a generic "bankruptcy/gavel with financial documents" image works well and stays safely outside copyright/trademark issues — avoid using the Movement Labs logo or MOVE token branding directly unless you have rights to it. Want me to pull a few royalty-free courthouse or gavel images to choose from?
$MOVE

CENTCOM Ends Weekend Wave of Strikes Against Iran
TAMPA, Fla. — U.S. Central Command (CENTCOM) successfully completed the ninth consecutive evening of strikes against Iran, July 19, at 10 p.m. ET.
CENTCOM assets targeted Iranian military command centers, air defense and coastal surveillance sites, maritime capabilities, missile and drone launch sites, and communications networks to further diminish Iran's ability to attack commercial vessels and civilian mariners transiting the Strait of Hormuz.
The U.S. military is holding Iran accountable at the Commander in Chief's direction. CENTCOM forces remain highly vigilant, focused, lethal, and ready #news_update

The crypto market is starting to show signs of stabilization after experiencing one of its toughest weeks since the collapse of FTX in 2022. Bitcoin (BTC) is currently trading around $61,760, up about 1.35% in the last 24 hours after previously hitting a year-to-date low.
Although a rebound is starting to show, overall market sentiment remains cautious. Investors are highlighting several key factors such as US inflation data (CPI), the Federal Reserve (FOMC) meeting, ETF fund flows, and global liquidity conditions that could determine market direction in the coming weeks.