Funding: CoinDesk/Invezz ($141.4M total; Polychain, Binance Labs, CoinFund, Nova Fund)
Current status
Chapter 11 (Jul 2026); MOVE down >99%
The rise & fall
7 moments Β· 2022β2026
The key moments.
2022
π±
2022
Founded by two Vanderbilt dropouts
The pitch: resurrect Move, the programming language Meta built and abandoned, and bring it to Ethereum.
The Block
2024
2024
Polychain leads a $38M Series A
The 2024-25 crypto upswing carries the Move-on-Ethereum story.
The Block
2025
π
2025
The peak: $3B, straight into the club$3B
A $100M Series B co-led by CoinFund and Brevan Howard's Nova Fund makes the three-year-old startup a $3B unicorn.
Reuters
2025
2025
The $38M dump comes to light
The unravelling surfaces: a market-making agreement had parked 66 million MOVE with an intermediary, and wallets tied to the market maker sold into the token's December 2024 exchange debut for about $38M, collapsing the price.
CoinDesk
2025
2025
Internal review; a co-founder is removed
The review into the debut-day dump ends with a co-founder's removal and litigation that is still running.
CoinDesk
Jul 2026
πͺ¦
Jul 2026
Chapter 11 β joins the Unitard Club π
Against $141.4M raised, the Delaware filing lists at most $500,000 of assets β and up to $10M of liabilities.
CoinDesk
$2.97Bof peak value erased Β· 4 years
How it happened
Movement Labs was founded in 2022 by two Vanderbilt dropouts to bring Meta's abandoned Move programming language to Ethereum, and rode the 2024-25 crypto upswing from a $38M Polychain-led Series A to a roughly $3B valuation on a $100M Series B co-led by CoinFund and Brevan Howard's Nova Fund.
The unravelling began with a market-making agreement that placed 66 million MOVE tokens with an intermediary: wallets tied to the market maker sold into the token's exchange debut the next day for about $38M, the price collapsed, and an internal review led to a co-founder's removal and litigation that is still running.
By the time MVMT Labs filed for Chapter 11 in Delaware in July 2026 the token was down more than 99% and the network was collecting single-digit daily fees, against $141.4M raised.
Source: Reuters/The Block: ~$100M Series B co-led by CoinFund and Brevan Howard's Nova Fund at a ~$3B valuation, early 2025; CoinDesk/Invezz: MVMT Labs filed Chapter 11 in the District of Delaware in July 2026 listing $100,001-$500,000 of assets against $1M-$10M of liabilities; $141.4M raised in total
Founders
RM
Rushi Manche
co-founder & CEO (led at the ~$3B peak; terminated May 2025)
