Original by Odaily Planet Daily (@OdailyChina)
Author: Wenser (@wenser 2010 )
Last night, news that “Movement developer Movement Labs filed for bankruptcy protection” sent shockwaves through the crypto community. No one expected that this “star L2 project,” which had previously sought $100 million in funding at a $3 billion valuation, would end up bankrupt.
However, as more details emerged, the truth finally came to light: Only the former development company, Movement Labs, filed for bankruptcy, and it has no impact on the Movement network. The Movement network was already taken over by Move Industries in May 2025 and has since transitioned into an L1 network focused on cross-border payments and stablecoin settlement. Move Industries CEO…