Movement Labs Files for Chapter 11 Bankruptcy Protection on July 15 Amid MOVE Token Crisis

According to filings with the U.S. Bankruptcy Court for the District of Delaware, Movement Labs, an original developer of the Movement blockchain, filed for Chapter 11 bankruptcy protection on July 15 following over a year of turmoil involving the MOVE token, internal governance issues, and disputes over market-making agreements.

Court documents show the company holds assets between $100,001 and $500,000, with liabilities ranging from $1 million to $10 million across 200 to 999 creditors. Former co-founder Rushi Manche is listed as the largest unsecured creditor with claims exceeding $1.6 million. Other creditors include Delaware Division of Revenue, Anchorage Digital, and Move Industries. The bankruptcy does not affect the Movement blockchain network itself, as Move Industries operates as a separate entity and has served as the primary network operator since December 2025.