Movement Labs filed an application for bankruptcy protection with the United States Bankruptcy Court in Delaware

On 22 July, Movement Labs (MVMT), the Movement Chain Core Development Corporation, filed an application for Chapter 11 insolvency protection with the United States Bankruptcy Court in Delaware early this month. According to the document submitted on 15 July, the company reported assets between $100,000 and $500,000 and liabilities of up to $10 million, showing nearly 299 creditors, of which the largest unsecured claim was for over $1.6 million of the dismissed co-founder, Rushikesh Manche. Manche retains 34.25 per cent of the shares, having previously filed and received support for the investigation of legal fees by a grand jury of the Ministry of Justice in connection with the MoVE currency scandal. MVMT was the core developer of the Sayer2 network, Movement Network, which completed the 38 million US$A round of financing led by Polychain. In December 2024, following an internal investigation into the crisis caused by the issuance of MoVE tokens, which were sold as a market vendor, Manche was dismissed and the core development work was transferred to Move Industries。