Move Industries CEO says company is separate from MVMT Labs, not involved in bankruptcy

Move Industries CEO Torab Torabi said Move Industries has no relationship with MVMT Labs, which filed for Chapter 11 bankruptcy protection, and was not involved in the related bankruptcy process. In a post on X, Torabi said MVMT Labs had filed for bankruptcy but was a separate company from Move Industries. Torabi added that Movement is currently operating as a global fintech company using a licensed stablecoin payments network. Before Torabi’s clarification, MVMT Labs, the developer behind Movement (MOVE), had been reported to have filed for Chapter 11 bankruptcy protection. Move Industries emerged from Movement after last year’s MOVE plunge and alleged misconduct tied to a market maker, positioning itself as a fintech company developing stablecoin payment solutions.