MVMT Labs Files for Bankruptcy with Estimated Assets of Less Than $1 Million

MVMT Labs, a company behind the Movement blockchain and MOVE token, has filed for Chapter 11 bankruptcy protection in Delaware. The filing lists estimated assets of $100,001 to $1 million against $1 million to $10 million in liabilities.

The company raised $38 million in an April 2024 Series A funding round led by Polychain Capital. However, its financial struggles have continued, with a governance and market-making crisis leading to the departure of co-founder Rushi Manche in 2025.

A reorganization effort took place in May, where Movement announced that Move Industries would take over as the primary service provider for the network. The Foundation described itself as an independent steward, while Move Industries would handle building, operating, and growing the ecosystem.