Movement Labs, the developer behind the MOVE token, has filed for Chapter 11 bankruptcy in Delaware. The filing reveals $100,000–$500,000 in assets against over $1 million in liabilities, with the largest unsecured claim of $1.6 million owed to former co-founder Ruhikesh Manche. The company’s downfall began after its MOVE token launched in December 2024 and was immediately dumped by market maker Rentech, wiping out billions in value. MOVE now trades over 99% below its all-time high, hitting a new low on July 20. Daily chain fees have fallen to just $8, and the project recently pivoted from blockchain interoperability to cross-border payments.
Movement Labs filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court of Delaware, as stated in its filing. The company reports fewer than 1,000 creditors, assets between $100,000 and $500,000, and liabilities exceeding $1 million.
The largest unsecured claim, worth more than $1.6 million, belongs to former co-founder Ruhikesh Manche. Other major creditors include the Delaware Division of Revenue and Anchorage Digital.
Movement’s troubles began in December 2024 following the launch of its MOVE token. Shortly after its debut on Binance, approximately $66 million worth of tokens were dumped onto the market as part of a market-making deal with Rentech.
Binance later banned Rentech for misconduct, accusing it of selling the entire stash one day after the listing while placing very few buy orders. The exchange stated that the market maker earned a profit of $38 million before being removed on March 18.
In response, Movement launched a token buyback program and contracted Groom Lake to review the deal with Rentech. That review uncovered ties to the Chinese market maker Web3Port, ultimately leading to the dismissal of Manche.
Despite raising $141.4 million across several funding rounds—including a Series A led by Polychain Capital—the network’s on-chain activity tells a different story. Data from DeFiLlama shows its daily app revenue has been less than $800 since November 2025, and chain fees have remained in single digits for months, with returns over the last 24 hours at just $8.
MOVE hit a new all-time low on July 20, trading at $0.01043, down from roughly $0.041 in January. At the time of writing, the token had moved less than 2% from that low, representing a plunge of over 99% from its all-time high of $1.45. The network’s total value locked stands at approximately $133 million.
Originally designed to link blockchains built on its Move programming language with Ethereum, Movement announced in June a pivot toward cross-border payments, remittances, and dollar-saving products. The first creditor hearing is scheduled for August 20.
