Movement Labs, a company behind the MOVE token, has filed for bankruptcy after its price plummeted 94% to under two cents. What’s even more shocking is that the management team relocated to a new company as early as late last year, leaving the original company as a debt-ridden shell—even the co-founder has become a creditor of his own company. 📜 On July 15, 2024, it filed for Chapter 11 in Delaware Court, with assets under $1 million and liabilities exceeding $1 million. 💸 Major creditors include Rushi Manche, the co-founder himself, Anchorage Digital, and the Delaware Department of Revenue. ⚠️ In May 2023, Manche was suspended over a deal with Web3Port, a market maker that received 66 million MOVE tokens (5% of supply) and immediately dumped them, causing a catastrophic price drop, followed by Coinbase banning MOVE trading. 🏢 In December 2023, Move Industries took over management of the ecosystem from Movement Labs. 🔀 In June 2024, Move Industries announced it was abandoning its L2 focus to pursue cross-border payments with regulatory licenses in the U.S., Canada, and Europe. ✅ Just one month later, the original Movement Labs filed for bankruptcy. The CEO of Move Industries insists the new business is unaffected. Is this smart risk management—or abandoning the wreckage for investors to carry alone?