Move Industries Clarifies No Connection to Bankrupt Movement Labs

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Move Industries CEO Torab posted on X that the company has no connection to the bankrupt Movement Labs and is a developer group within the Movement ecosystem. He emphasized that the company is not involved in the bankruptcy proceedings and noted that Movement has evolved into a global fintech firm with a licensed stablecoin payment channel. Torab also mentioned discussions with Ethiopia’s central bank regarding stablecoin regulation during a recent trip to East Africa, which align with broader CFT efforts on stablecoin oversight.

Odaily Planet Daily reports: Torab, CEO of Move Industries, posted on X that Move Industries is the development team behind the Movement ecosystem and has no connection to Movement Labs, which has filed for bankruptcy; therefore, Move Industries is not involved in the bankruptcy case. Torab stated that Movement is now a global fintech company with live, licensed stablecoin payment channels designed to bridge the gap between existing fund transfer methods and the ideal model. He revealed that he just returned from a trip to East Africa, during which he discussed stablecoin adoption with the Central Bank of Ethiopia. Previously, Movement Labs filed for bankruptcy, with the $1.6 million claim by its former founder being the largest creditor claim.

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