MVMT LABS FILES CHAPTER 11 🚨⚖️
MVMT Labs, the early company shell tied to the Movement chain, filed Chapter 11 (court protection to restructure debt) in Delaware on 15 July 2026. 👀
Court forms put assets roughly in the $100k to under $1M band, liabilities in the $1M-$10M band, and under 1,000 creditors. The biggest unsecured claim in coverage sits with ousted co-founder Rushi Manche, over $1.6M.
This is the end of a long drama, not a clean surprise.
In airdrop season, Movement was one of the hottest farms. Points, exchange hype, big “must farm” energy. Right after launch and the airdrop, everything flipped.
A market-making deal (a firm paid to keep trading smooth) turned into a sell storm: about 66M $MOVE sold, market-maker profit near $38M in reports, then a Binance ban on the related account. Manche was suspended, then cut, around May 2025.
$MOVE fell from about $1.45 ATH toward about $0.0107 now (market cap near $45M, roughly 99% down). 📉💸
The team once raised about $38M Series A. The contested dump profit also sat near $38M. Court assets are a tiny slice of either number. 🧊
Move Industries (CEO Torab Torabi) says it is a separate company, not inside this filing, and still building payments / stablecoin rails.
Chapter 11 is the paperwork. The wound started the day the airdrop heat met the post-launch dump.
#Crypto #MOVE #Bankruptcy #Airdrop #Binance
MVMT Labs, the early company shell tied to the Movement chain, filed Chapter 11 (court protection to restructure debt) in Delaware on 15 July 2026. 👀
Court forms put assets roughly in the $100k to under $1M band, liabilities in the $1M-$10M band, and under 1,000 creditors. The biggest unsecured claim in coverage sits with ousted co-founder Rushi Manche, over $1.6M.
This is the end of a long drama, not a clean surprise.
In airdrop season, Movement was one of the hottest farms. Points, exchange hype, big “must farm” energy. Right after launch and the airdrop, everything flipped.
A market-making deal (a firm paid to keep trading smooth) turned into a sell storm: about 66M $MOVE sold, market-maker profit near $38M in reports, then a Binance ban on the related account. Manche was suspended, then cut, around May 2025.
$MOVE fell from about $1.45 ATH toward about $0.0107 now (market cap near $45M, roughly 99% down). 📉💸
The team once raised about $38M Series A. The contested dump profit also sat near $38M. Court assets are a tiny slice of either number. 🧊
Move Industries (CEO Torab Torabi) says it is a separate company, not inside this filing, and still building payments / stablecoin rails.
Chapter 11 is the paperwork. The wound started the day the airdrop heat met the post-launch dump.
#Crypto #MOVE #Bankruptcy #Airdrop #Binance