Popular crypto firm files for Chapter 11 after token collapse
Movement Labs, the developer behind the Movement blockchain, filed for Chapter 11 bankruptcy protection in the U.S. on July 15, 2026, following a turbulent year triggered by its controversial MOVE token launch. The token collapsed after allegations that a market maker rapidly sold 66 million MOVE tokens, leading to a sharp price decline. Coinbase suspended trading, and co-founder Rushi Manche was suspended amid an investigation. The company attempted a strategic pivot in June 2026 toward cross-border payments and stablecoin settlement, but the measures failed to prevent bankruptcy. MOVE now trades at about $0.011, down 99% from its all-time high. The company reported assets between $100,001 and $1 million and liabilities of $1 million to $10 million, with 200 to 999 creditors.
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