Movement Labs: Chapter 11 filing

Movement Labs has filed for Chapter 11 bankruptcy in the United States as part of a business restructuring.

The filing comes after the scandal involving Web3Port, which received 66M MOVE tokens. Those tokens were reportedly sold after the listing, putting strong pressure on the token price.

The project’s co-founder was suspended, and Coinbase removed MOVE from its listing.

The team behind Move Industries says the ecosystem is still operating, but the project has been heavily damaged.