Six hundred Bitcoin moved on Saturday. Just like that.
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The company behind the Move-based layer-2 network collapsed into bankruptcy after a token-dump scandal.
Movement Labs filed for Chapter 11 as weak adoption and low network activity weighed on the MOVE blockchain.
Movement Labs seeks Chapter 11 protection as fallout now grows from the $38M MOVE token controversy.
Movement Labs, the original developer behind the Move blockchain, has filed for Chapter 11 bankruptcy in the United States, marking another major chapter in the projects turbulent history. The filing follows months of controversy surrounding the MOVE token, governance issues, and a restructuring that shifted control of the blockchain ecosystem.
Movement Labs has filed for Chapter 11 bankruptcy with no more than $500,000 in assets and liabilities that could reach $10 million following more than a year of turmoil around the MOVE token.
MVMT Labs, the development firm behind the Layer 2 Movement network, has voluntarily filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the District of Delaware.
The blockchain developer will continue operating under court supervision as it restructures following a market-making scandal, a co-founder's suspension, and exchange delistings that rocked the project.
Movement Labs has entered bankruptcy protection following months of instability surrounding its MOVE token launch and governance challenges. Movement Labs files for Chapter 11 bankruptcy after turbulent year.
MVMT filed for bankruptcy earlier this month, reporting assets between $100,001 and $500,000 and liabilities of up to $10 million.
The filing comes after months of upheaval that included a controversial market-making agreement, an internal investigation into its MOVE token launch, a Binance ban tied to its market maker and a last-ditch pivot from Ethereum scaling to cross-border payments.