Movement Blockchain Developer MVMT Labs Files for Chapter 11

MVMT Labs, the original developer of the Movement blockchain, has filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the District of Delaware.

The company's financial struggles began after a $38 million MOVE token scandal involving a disputed market-making agreement with Rentech. The sales generated by this deal were later removed from Binance due to misconduct.

Court records show estimated assets between $100,001 and $500,000, compared with liabilities ranging from $1 million to $10 million.