Popular crypto firm files for Chapter 11 after token collapse

Movement Labs, the developer of the Movement blockchain, sought Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the District of Delaware on July 15. The filing marked the culmination of significant challenges facing the cryptocurrency project over the preceding months. The company indicated it would pursue restructuring while maintaining operations, with creditors required to submit claims by Sept. 14.
The bankruptcy stemmed from substantial turmoil surrounding the launch of t