Movement Labs Files for Chapter 11 Bankruptcy Protection
Summary
- Movement Labs, the developer of MOVE, has filed for Chapter 11 bankruptcy protection under the U.S. Bankruptcy Code.
- Movement Labs has entered corporate rehabilitation proceedings.
- CoinDesk previously reported allegations that Movement Labs executives colluded with a market maker to sell about $38 million worth of MOVE tokens into the secondary market.
Movement Labs, the developer of MOVE, filed for Chapter 11 bankruptcy protection under the U.S. Bankruptcy Code, Unfolded reported on July 21.
CoinDesk had earlier reported allegations that Movement Labs executives colluded with a market maker to sell about $38 million worth of MOVE tokens into the secondary market.
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