Movement Labs files for Chapter 11 bankruptcy months after token scandal
The filing comes after months of upheaval that included a controversial market-making agreement, an internal investigation into its MOVE token launch and a Binance ban tied to its market maker.
AI Summary
Movement Labs, the developer of the Movement blockchain, has filed for Chapter 11 bankruptcy following months of turmoil that included a controversial market-making agreement, an internal investigation into its MOVE token launch, a Binance ban tied to its market maker, and a last-ditch pivot from Ethereum scaling to cross-border payments. The filing leaves the future of its blockchain network, partnerships, and payments expansion plans uncertain, though operations may continue during restructuring.