Movement Labs, the team behind the Ethereum layer-two blockchain, has filed for Chapter 11 bankruptcy to restructure amid turmoil from its MOVE token launch and controversial market-making deals. The token, now trading near one cent after a 94% plunge, contributed to severe financial strain. Coinbase suspended trading due to non-compliance. Crucially, the CEO clarified that Move Industries — which took over development in December 2025 — remains unaffected. Movement Labs can continue operating with court-approved access to funds and financing, while creditors have until September 14 to file claims.
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