Crypto
Movement Labs files for Chapter 11 bankruptcy protection amid MOVE token turmoil
Movement Labs, an Ethereum layer-2 developer, has filed for Chapter 11 bankruptcy protection in the U.S. District of Delaware. The filing was submitted on July 15 under Subchapter V, a streamlined restructuring process for qualifying small businesses. The court approved interim motions allowing the company to keep its banking and cash-management systems and obtain debtor-in-possession financing. The deadline for creditors to file claims is Sept. 14.
