Movement Labs, the developer behind the Movement blockchain, has filed for Chapter 11 bankruptcy protection in the US Bankruptcy Court for the District of Delaware, marking the latest setback for the cryptocurrency startup after months of governance disputes, a controversial token launch, and a failed strategic upgrade.

The San Francisco-based company filed under Subchapter V, a streamlined bankruptcy process for small businesses, allowing it to continue operating under court supervision while restructuring its debts, as per the CoinDesk report.

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