MVMT Labs Files Chapter 11 After $38M Series A

MVMT Labs filed for Chapter 11 Subchapter V in Delaware on July 15, listing estimated assets of $100,001–$1 million and liabilities of $1–$10 million. The company reported between 200 and 999 creditors in the petition. The April 2024 Series A round that raised $38 million was led by Polychain Capital.

MVMT Labs is the only named debtor in case 26-11113-TMH. The filing does not name the Movement Network, the Movement Network Foundation, Move Industries, Movement Limited or the MOVE token as debtors. MVMT Labs developed the Movement blockchain and projects including the M1 and M2 chains and Move Stack, an open-source framework for networks using the Move programming language.

The bankruptcy docket lists a debtor-in-possession financing motion at Dkt. 19, a sealed exhibit at Dkt. 20 and a first-day declaration at Dkt. 21. The public captions do not disclose the amount or terms of any postpetition financing. Schedules and a statement of financial affairs are due in the coming weeks; those filings should show MVMT’s cash, receivables, contracts, intellectual property, any token holdings, insider balances and other claims or obligations.

An operating change announced by the Movement Network Foundation on Dec. 29, 2025 said Move Industries had become the Foundation’s primary service provider and had taken on key employees. That announcement did not specify which assets, if any, were transferred or the consideration involved. In a July 21 statement, Move Industries CEO Torab wrote that “MVMT Labs has no affiliation with Move Industries and that his company is not involved in the bankruptcy,” and provided the account for the network’s current operator. The legal effect of the December 2025 arrangements remains subject to documentation and court review.

A March 2026 report from the Delaware Court of Chancery described MVMT Labs as the technology-development company that created the Movement blockchain and said MVMT launched the MOVE token in December 2024 through the Foundation and its subsidiary Movement Limited. The Chancery report concluded that co-founder Rushi Manche was entitled to advancement from MVMT for fees tied to a federal investigation, but it did not fix an allowed bankruptcy claim or a specific amount for the estate.

Public endpoints for the mainnet remained responsive during a check on July 22. Ledger and block counters advanced during the check, and the MOVE token continued to trade. At that time the token price was about $0.011, with a market capitalization near $44.3 million and roughly $9.4 million in 24-hour volume.

Under the Bankruptcy Code, property interests the debtor owned when it filed become part of the estate, and certain transfers made before filing can be challenged. Key case dates listed on the docket include a Section 341 creditor meeting on Aug. 20, a second-day hearing on Aug. 27 (when the court may consider the financing request), a general claims deadline of Sept. 14 and a Subchapter V plan deadline of Oct. 13. Further disclosures and court proceedings will identify which assets and claims remain with MVMT Labs and which are held by other entities in the Movement ecosystem.