Movement Labs has filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court of Delaware. The company, which had raised $141.4 million from investors, now holds only $100,000 to $500,000 in assets against over $1 million in liabilities. In December 2024, a scandal erupted around the MOVE token after market-maker Rentech sold $66 million worth of tokens on the market, causing a price collapse of over 99%. Daily fees generated by the network have dropped to just $8, with the MOVE token hitting a new all-time low on July 20.
Source: Read the original article
