Movement Labs files for Chapter 11 bankruptcy after raising $141.4M, citing token price collapse from market-making scandal and daily revenue dropping to under $800.
Tech & Launches ·
Movement Labs filed for Chapter 11 bankruptcy in Delaware with fewer than 1,000 creditors and liabilities exceeding $1 million, despite having raised $141.4 million in prior funding. The company's collapse followed a market-making scandal involving Rentech that triggered a sharp decline in its MOVE token, which fell over 99% from an all-time high of $1.45, and led Binance to ban the firm. Daily app revenue has dropped to under $800 as a result of the token's deterioration.