Yahoo Finance
Movement Labs, the developer behind the Movement blockchain, has filed for Chapter 11 bankruptcy protection in the U.S.
after months of turmoil triggered by its controversial token launch and a failed effort to revive the project.
Courtfilingsshow MVMT Labs filed for Chapter 11 protection in the U.S.
Bankruptcy Court for the District of Delaware on July 15.
The company is seeking to restructure under court supervision while continuing operations.
Initial hearings have already been held, with creditors required to file claims by Sept.
The bankruptcy follows a turbulent year for the project, which was rocked by allegations surrounding its market-making arrangements during the launch of its MOVE token.
Related: Circle, Robinhood, Strategy stocks surge on Bitcoin comeback InMay 2025, Movement Labssuspendedco-founderRushi Mancheafter announcing an independent investigation into a market-maker agreement linked to Rentech and Web3Port.
Binance latersaidthe market maker rapidly sold 66 million MOVE tokens, or about 5% of the total supply, contributing to a sharp decline in the token's price.
Coinbasealsosuspended MOVE trading after saying the token no longer met its listing standards.
Movement later sought to rebuild investor confidence.
Circle, Robinhood, Strategy stocks surge on Bitcoin comeback Analyst cuts crypto firm's price target after 25% layoffs XXI stock plunges 18% after CEO's abrupt exit In June 2026, the projectrebrandedaround a new strategy focused on cross-border payments, stablecoin settlement and financial infrastructure for emerging markets, shifting away from its original Ethereum scaling ambitions.
| Product | Price | Change |
|---|---|---|
| Brent Crude | $102.14/bbl | +0.34% |
| WTI Crude | $96.90/bbl | +0.21% |
| EN590 Diesel | $846/MT | +0.18% |
| Jet Fuel A-1 | $1090/MT | +0.55% |
| Mazut M100 | $450/MT | -0.15% |
| Bitumen 60/70 | $470/MT | +0.08% |
| Sulphur Gran 99.5% | $470/MT | -0.44% |
| Urea 46% Gran | $650/MT | +1.12% |
| NPK 16-16-16 | $460/MT | -0.28% |
| Nat Gas TTF | $15.42/MMBtu | +0.92% |
Comments
Post a Comment