Movement Labs officially filed for Chapter 11 bankruptcy protection, revealing liabilities up to $10 million and assets under $500,000.
Rushi Manche, the former co-founder, holds the largest unsecured creditor claim exceeding $1.6 million.
The MOVE token crisis erupted after the sale of 66 million tokens under a disputed market-making agreement, triggering losses and legal scrutiny.
Movement Labs operates separately from Move Industries, which remains unaffected by the bankruptcy filing.
