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Move Industries CEO: The team has no connection to Movement Labs and was not involved in its bankruptcy case
PANews July 22, Move Industries CEO Torab posted on X to clarify that Move Industries is the development team of the Movement ecosystem and has no connection to Movement Labs, which has already filed for bankruptcy, so Move Industries is not involved in that bankruptcy case. Torab said that Movement is now a global fintech company, with stablecoin payment channels that are already live and licensed, aiming to close the gap between existing fund transfer methods and the ideal model. He revealed that he has just finished a trip to East Africa, during which he discussed stablecoin adoption with the Central Bank of Ethiopia.
Earlier reports said Movement Labs filed for bankruptcy, and the $1.6 million claim by the founders who were removed from their positions is the largest debt.