Movement Labs
Summary
Movement Labs, the original development company behind the Movement blockchain and MOVE token, filed for Chapter 11 bankruptcy on July 15, 2026 in the U.S. Bankruptcy Court for the District of Delaware. The filing followed a prolonged crisis triggered by a December 2024 market-making arrangement in which 66 million MOVE tokens — approximately 5% of total supply — were sold into the market one day after the token's exchange debut, creating roughly $38 million in downward price pressure. A U.S. Department of Justice grand jury investigation into the token launch is ongoing as of mid-2026, and MOVE has lost over 94% of its peak value.
Connected Entities
1 entities- + 9 more
Timeline(19 events)
2022-01-01
Movement Labs founded, focused on applying Meta's Move programming language to Ethereum infrastructure.
PYMNTS / General reporting2024-11-25
Web3Port signs agreement with Rentech, which represented itself as acting on behalf of Movement.
CoinDesk investigation2024-11-27
Rentech proposes market-making agreement to Movement Foundation; general counsel YK Pek flags it as 'possibly the worst agreement I have ever seen.'
CoinDesk investigation2024-12-08
Movement Foundation signs revised market-making agreement with Web3Port/Rentech. Domain web3portrentech.io reportedly registered on the same day as the original contract.
CoinDesk investigation2024-12-10
66 million MOVE tokens (approx. 5% of supply) are sold into the market via the Rentech/Web3Port arrangement, generating approximately $38 million in proceeds. Binance bans the market-making account for misconduct.
CoinDesk / OKX / Multiple outlets2025-04-21
Co-founder Cooper Scanlon notifies employees via Slack that Movement Labs has hired Groom Lake to conduct an independent investigation into the market-making arrangement.
CoinDesk investigation2025-04-30
CoinDesk publishes its investigation: 'Inside Movement's Token-Dump Scandal: Secret Contracts, Shadow Advisers and Hidden Middlemen.'
CoinDesk2025-05-01
Coinbase announces it will delist the MOVE token, citing failure to meet listing standards.
CoinDesk / FX Street2025-05-07
Movement Labs terminates Rushi Manche and rebrands its operating arm as Move Industries. Torab Torabi appointed CEO; Will Gaines appointed President and CMO.
The Defiant / BeInCrypto2025-07-09
Rushi Manche files suit against MVMT Labs in the Delaware Court of Chancery (C.A. No. 2025-1407-CDW) seeking advancement of legal fees related to a DOJ grand jury investigation.
Justia / The Defiant2026-06-01
Move Industries announces strategic pivot from Ethereum layer-2 to cross-border payments and stablecoin settlement infrastructure.
CoinDesk2026-07-15
MVMT Labs, Inc. files for Chapter 11 (Subchapter V) bankruptcy in the U.S. Bankruptcy Court for the District of Delaware, listing $100,001–$500,000 in assets and up to $10 million in liabilities with approximately 299 creditors.
CoinDesk / The Block / crypto.news2026-09-14
Court-mandated proof-of-claim deadline for creditors in the Movement Labs Chapter 11 proceedings.
crypto.newsDecision Log
- #1publish⛓ pending8/13/2026, 11:07:51 PMhash: 5iDrfZzscXa95Ce1AR13PGCxMRUQEBxX2Qd8D8UpE3JP
15 of 18 cited source URLs have an Internet Archive snapshot.
model: claude-sonnet-4-6
generated: 8/13/2026, 11:07:39 PM
last updated: 8/14/2026, 5:37:17 AM
avoid.net — verified advice for a post-truth world