CoinDesk·4 min read·medium
Movement Labs files for Chapter 11 bankruptcy months after token scandal and strategic overhaul
H
Helene Braun
✦AI Summary
Movement Labs has filed for Chapter 11 bankruptcy following a tumultuous period involving a controversial token launch and a failed strategic pivot. The company previously attempted to transition from an Ethereum scaling network to a cross-border payment service provider.
The filing follows months of turmoil for Movement, an Ethereum layer-2 network built using the Move programming language, which was originally developed at Meta. The project launched with the goal of bringing Move-based smart contracts to Ethereum (ETH) while offering faster and cheaper transactions through a scaling network.
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