Movement Labs Files Chapter 11 Bankruptcy on $10M in Liabilities as Move Industries Claims Separation
Movement Labs filed for Chapter 11 bankruptcy protection in Delaware, listing up to $10M in liabilities against between $100,001 and $500,000 in assets.
Torab Torabi, chief executive officer of Move Industries, said his firm is the development team behind the Movement ecosystem and has no affiliation with the bankrupt MVMT Labs. He stated that Move Industries is not involved in the proceedings and continues to operate normally.
From the sources (10 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.
@wublockchainMovement Collapses: $141M Raised, Near-Zero Revenue, Now Bankrupt According to DeFiLlama, since November last year, daily app revenue on the Movement chain has consistently stayed below $800. On-chain daily fees have hovered in the single
@wublockchainMove Industries CEO Torab Torabi told Wu Blockchain that Move Industries is the development team behind the Movement ecosystem. He said MVMT Labs has filed for bankruptcy, but it has no affiliation with Move Industries, meaning Move Industr
@coinmarketcapLATEST: ⚡ Movement Labs has filed for Chapter 11 bankruptcy in Delaware, listing up to $10M in liabilities against $100,001-$500,000 in assets.
@bkclaimsThe big thing CoinDesk missed: Movement Labs filed five days ago under Subchapter V - not a traditional Chapter 11. That distinction matters. Sub V is a faster, cheaper and considerably more debtor-friendly restructuring process. There is
@bkclaims🚨 WOW—THIS is the real breaking news in the Movement Labs bankruptcy. Forget the headline that Movement Labs simply “filed Chapter 11.” The docket reveals what may be an extraordinary new crypto restructuring tactic: Transfer the operatin
@torabyouIMPORTANT CLARIFICATIONS 1. I am the CEO of Move Industries and Move Industries is the developer team of the Movement ecosystem 2. MVMT Labs filed for bankruptcy 3. MVMT Labs has no affiliation with Move Industries, thus Move Industrie