Movement Labs has filed for Chapter 11 bankruptcy protection. Note that the entity filing for bankruptcy is the original core development company, which doesn’t mean the Movement network is shutting down immediately. But going from a star L2 project to the bankruptcy court, the story in between is pretty typical: Token launch, issues with market-making agreements, market sell-offs, internal investigations, founder departure, strategic pivot, and finally realizing the story can still be told, but the bills are no longer willing to wait. The roadmap for projects during a bull market usually looks like: Scaling, ecosystem building, global expansion, one billion users. When the market turns bad, the roadmap shifts to: Investigations, restructuring, strategic adjustments, Chapter 11. The hardest part for crypto projects might never have been writing a grand whitepaper. It’s making token prices, company cash flow, and project governance coexist in the same real-world reality for the long term. Technology can be developed slowly. Bills, on the other hand, don’t usually subscribe to long-termism.