Movement Labs, the developer behind the Movement blockchain, has filed for Chapter 11 bankruptcy protection in the U.S. after months of turmoil triggered by its controversial token launch and a failed effort to revive the project.

Court filings show MVMT Labs filed for Chapter 11 protection in the U.S. Bankruptcy Court for the District of Delaware on July 15. 

The company is seeking to restructure under court supervision while continuing operations. Initial hearings have already been held, with creditors required to file claims by Sept. 14.

The bankruptcy follows a turbulent year for the project, which was rocked by allegations surrounding its market-making arrangements during the launch of its…