MVMT Labs, Inc., the developer behind the Movement blockchain, filed for Chapter 11 bankruptcy in the U.S. Bankruptcy Court for the District of Delaware on July 15, according to the court docket.
The voluntary petition, docketed as case number 26-11113 and assigned to Judge Thomas M. Horan, lists assets of between $100,001 and $1 million, liabilities of between $1 million and $10 million, and 200 to 999 creditors. The San Francisco-based company filed under Subchapter V, the streamlined small-business track of Chapter 11, and is represented by Potter Anderson & Corroon LLP.
A meeting of creditors is scheduled for Aug. 20, and the deadline for filing proofs of claim is Sept. 14, the docket shows. Chapter 11 allows a company to continue operating while it restructures its debts under court supervision.
The filing was first reported by CoinDesk, which said the company's largest creditors include co-founder Rushi Manche, the Delaware Division of Revenue and crypto custodian Anchorage Digital.
Movement launched as an Ethereum layer 2 built with Move, the programming language originally developed at Meta for its shelved Diem project. The network aimed to bring Move-based smart contracts to Ethereum while offering faster and cheaper transactions.
