Movement Labs, developer of the Movement blockchain, has filed for Chapter 11 bankruptcy protection in Delaware amid ongoing fallout from its MOVE token launch.
The filing lists fewer than 1,000 creditors along with assets valued between $100,000 and $500,000 and liabilities exceeding $1 million. Major creditors named include co-founder Rushi Manche, the Delaware Division of Revenue and Anchorage Digital.
Troubles for the project began after the December launch of the MOVE token. An April 2025 investigation revealed that a market-making agreement allowed 66 million tokens to be sold the day after debut, contributing to a sharp price drop. Binance later banned the associated market-making account.
Movement Labs and Rushi Manche separated in May 2025. In June a separate entity, Move Industries, announced plans to shift focus toward cross-border payments and stablecoin settlement rather than Ethereum scaling.
