Movement Labs files for Chapter 11 bankruptcy protection

Movement Labs, the developer of MOVE, has filed for Chapter 11 bankruptcy protection. CoinDesk described the filing as another setback for the cryptocurrency project, which has faced governance disputes, controversy over token market making and a failed strategic pivot over the past year. CoinDesk had previously reported that Movement Labs executives colluded with a market maker to dump $38 million worth of MOVE into the circulating market. Co-founder Rushi Manche then left the company in May last year, and the company overhauled its business strategy in June in an effort to navigate the crisis. The plan was to move away from competition in the Ethereum layer-two sector and focus on global payments, remittances and stablecoin payment services.