Post by Augustine Chiagozie (@pabloexchange)

📣 Movement Labs Files for Bankruptcy

Movement Labs, the Ethereum layer-2 project built on Meta’s Move language, has filed for bankruptcy. After launching its MOVE token in December 2024, a CoinDesk report revealed a market-making deal gave one party control over the circulating MOVE supply.

66 million MOVE tokens were dumped a day after launch, and Binance banned the market maker’s account. Co-founder Rushi Manche left in May 2025.

In June 2026, Movement pivoted to cross-border payments and stablecoin settlements, citing licensed payment infrastructure in the US, Canada, and the EU.

📣 Movement Labs Files for Bankruptcy Movement Labs, the Ethereum layer-2 project built on Meta’s M...

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