Movement Labs filed for bankruptcy. The company still has $100,000–$500k, but liabilities are as high as more than $500k. The bankruptcy court in Nevada has already accepted the case.

The token corresponding to this project is MOVE, which has already fallen more than 100 times. Back then, the issues with their airdrop spread widely in the crypto community.

Later, during the nationwide tour “National Trails,” I initially was very optimistic about MOVE—after all, Meta’s stablecoin project Libra team. They later rolled out two Web3 public chains, Sui and Aptos, and they use the Move programming language, which is independent from Bitcoin, Ethereum, and Solana. Those two coins also initially performed very well.

During “National Trails,” I even went to the Chengdu stop. After talking with their founder, I realized something was off, and I also ran into many crypto friends.

Now that they’ve filed for bankruptcy, it may not be too bad for the overall market trend, but it will definitely affect Sui and Aptos. I already cut my loss on APT; Sui is still on my radar!

There are many projects like this in the crypto space. Some get exposed, while others don’t. At least, if the Clarity Act gets passed, that would be a good thing—so long as it can protect people. Even if a project goes bankrupt, we’ll know about it, instead of projects running away while deceiving us and telling us to “restart,” and then they harvest another round.