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Move Industries CEO Torab has clarified that his company has no connection to Movement Labs, which recently filed for bankruptcy. In a post on X, Torab stated that Move Industries is a developer team within the Movement ecosystem and is not involved in the bankruptcy case. He emphasized that Movement is now a global fintech firm with licensed stablecoin payment channels already in operation. Torab also revealed that he recently concluded a trip to East Africa, where he discussed stablecoin adoption with the central bank of Ethiopia. This clarification comes after reports that Movement Labs had filed for bankruptcy, with a $1.6 million claim from its ousted founder being the largest debt.
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