POPA ReconMovement Labs Files for Chapter 11 Bankruptcy
Movement Labs Files for Chapter 11 Bankruptcy Movement Labs, the team behind the Movement blockchain, an Ethereum layer-2 built on Meta's old Move programming language, has filed for Chapter 11, capping a brutal year that went from hyped token launch to token-dump scandal to bankruptcy court. The unravelling started right after MOVE launched in December. A CoinDesk investigation found a market-making deal that let a single counterparty sell 66 million MOVE tokens just one day after debut, crushing the price. Binance banned the account involved, Movement launched a buyback and hired an outsid…
The excerpt is quoted from a public Telegram channel, which owns its text.