Movement Labs applies for Chapter 11 bankruptcy protection, previously under review for the sale of 66 million MOVEs

Movement Labs has applied for Chapter 11 bankruptcy protection. The project was under review due to a market making agreement that allowed for the rapid sale of 66 million MOVEs, which subsequently led to a drop in MOVE prices and sparked investigations and token buybacks. Movement Labs has recently shifted towards cross-border payments and stablecoin settlement businesses. During the program period of Chapter 11, the follow-up arrangements for Movement Labs' blockchain network, partnership, and payment expansion plan have not been clarified, and operations can continue during the restructuring period.