Movement Labs Files for Chapter 11 Bankruptcy, Listing Liabilities of Up to $10 Million
Movement Labs, the developer behind the Movement blockchain, has filed for Chapter 11 bankruptcy protection, listing assets between $100,000 and $500,000 and liabilities of up to $10 million. Court filings show the company holds fewer than 1,000 creditors.
The largest creditor listed is co-founder Rushi Manche, who holds a $1.6 million claim after the company parted ways with him in May. The filing follows an internal investigation into controversy over a market-making account for the MOVE token, which led Binance to ban the account.
From the sources (4 posts)
@coindeskLATEST: Movement Labs, the developer of the Movement blockchain, has filed for Chapter 11 bankruptcy. Read the fully story by @HeleneBraunn on CoinDesk
@wublockchainMovement Labs Files for Chapter 11 Bankruptcy With Liabilities Above $1 Million Movement Labs, the developer of the Movement blockchain, has filed for Chapter 11 bankruptcy protection. Court filings show the company has between $100,000 an
@theblockcoTHE BLOCK: Movement Labs' Chapter 11 bankruptcy filing lists assets between $100,001 and $500,000 and liabilities of up to $10 million. Terminated co-founder Rushi Manche is the largest creditor, with a $1.6 million claim.
@cointelegraph🚨 JUST IN: Movement Labs has filed for Chapter 11 bankruptcy.