Movement (MOVE) is facing one of the biggest setbacks in its short history after Movement Labs, the company behind the blockchain project, filed for Chapter 11 bankruptcy in the United States. The bankruptcy filing comes after months of declining network activity, governance issues, and a sharp drop in the token’s value. Despite raising more than $141 million from investors, the project failed to build enough on-chain demand to support its long-term growth. The bankruptcy filing has added to the pressure on MOVE token, which is now trading close to its all-time low after losing more than 99% of its value from the record high reached in December 2024.
Source: Read the original article
