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Movement Labs files for Chapter 11 bankruptcy following MOVE token scandal

Movement Labs has filed for Chapter 11 bankruptcy following months of upheaval. The firm faced a controversial market-making agreement, an internal investigation into its MOVE token launch, a Binance ban linked to its market maker, and a last-ditch pivot away from Ethereum scaling toward cross-border payments. The combination of scandals and strategic failures has now culminated in the bankruptcy filing.