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Following
MOVE MVMT Labs filed for Chapter 11 bankruptcy protection with a debt of up to US$10 million.
MVMT Labs, as the original development company of the Movement blockchain, filed a Chapter 11 bankruptcy protection application with the Delaware Bankruptcy Court on July 15. The case falls into the Subchapter V category and lists assets valued at between $100,000 and $500,000, liabilities between $1 million and $10 million, and creditors between 200 and 999. Judge Thomas M. Horan is in charge of hearing the case.
Deposed co-founder Rushikesh "Rushi" Manche held the largest amount of unsecured debt, more than $1.6 million, and retained a 34.25% stake in the company. Other creditors include Anchorage Digital and the Delaware Department of Taxation.
The court has authorized temporary debtors to hold asset financing and allowed MVMT Labs to continue using its existing bank account and cash management systems. Creditors must file claims by September 14, while the company's Subchapter V restructuring plan must be submitted by October 13.
The MOVE market-making agreement comes before the bankruptcy filing
The bankruptcy filing comes 18 months after Movement Labs sought a financing round that could have raised $100 million at a $3 billion valuation. Previously, the company had raised $38 million in a Series A financing led by Polychain Capital.
The token launched by Movement in December 2024 was later questioned over market-making agreements involving Rentech and the Web3Port. Binance found that within one day of the launch of the token, approximately 66 million MOVE units were sold, and the market maker made a net profit of 38 million USDT. The exchange froze the relevant proceeds, removed the account, and banned it from continuing to participate in market-making activities.
An external review investigated the agreement and the participation of company personnel. Movement Labs first suspended Manche during the investigation and subsequently fired him in May 2025. Coinbase also suspended MOVE trading as doubts about token issuance and project governance intensified. On Tuesday, MOVE traded at around $0.011.
Move Industries did not enter bankruptcy proceedings
Move Industries, the company that later took over Movement Ecological Development, is an independent legal entity and was not included in this bankruptcy case. CEO Torab Torabi said Move Industries is still operating normally after news of MVMT Labs 'bankruptcy filing broke. The incumbent company has shifted the focus of the Movement to cross-border payments, remittances and stablecoin settlements, while the bankrupt entity is undergoing court-supervised restructuring proceedings.
