The blockchain project secured $141.4 million in funding but generated under $800 daily, leading to its collapse.
Movement Labs, a blockchain project, has filed for bankruptcy despite raising $141.4 million in funding. Daily app revenue on its chain consistently remained below $800 since November, with on-chain fees dropping to just $1 in the past 24 hours.
The project’s fully diluted valuation (FDV) stands at $107 million, reflecting a decline of over 99% from its all-time high. Revenue struggles persisted for months, despite significant capital raised from investors.
No immediate market reaction was reported following the bankruptcy filing.