Movement Labs files for Chapter 11 after MOVE token turmoil

MVMT Labs, the former developer of the Movement blockchain, has filed for Chapter 11 bankruptcy protection in the US Bankruptcy Court for the District of Delaware.

The company submitted a voluntary petition on 15 July under Subchapter V, a streamlined restructuring process available to qualifying small businesses.

Court records show that MVMT Labs reported less than $1 million in assets, between $1 million and $10 million in liabilities and between 200 and 999 creditors. Creditors have until 14 September to submit claims.

The filing follows prolonged controversy surrounding the launch of the MOVE token and a disputed market-making arrangement.

Binance said an authorised market maker sold approximately 66 million MOVE tokens shortly after the token was listed, with few corresponding buy orders. The exchange later removed the market maker and froze proceeds intended for user compensation.

Movement Labs and the Movement Network Foundation said they had not been aware of the market maker’s conduct and opened an investigation into the arrangement.

Coinbase subsequently suspended MOVE trading after concluding that the asset no longer met its listing standards.

The bankruptcy applies to MVMT Labs rather than Move Industries, which took over development and operations of the Movement ecosystem in late 2025 and says the network continues to operate.

The case remains open, with MVMT Labs seeking to restructure under court supervision.

Why does it matter?

The filing shows how controversial token distribution and market-making arrangements can create prolonged governance, reputational and financial risks for blockchain companies. It also highlights the distinction between a decentralised network and the corporate entities involved in developing it, as the bankruptcy concerns MVMT Labs while another company continues operating the Movement ecosystem.

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OECD warns of risks from growing use of AI financial advice

The OECD has warned that the growing use of AI for financial advice could expose consumers to misleading information, biased recommendations and privacy risks, even as it makes financial guidance more accessible.

More than one-third of people across OECD countries used AI tools in 2025. Consumers are increasingly turning to AI for budgeting, debt management, investing, retirement planning and understanding financial products, with some also using it to ask sensitive financial questions they might hesitate to raise with a human adviser.

The OECD said AI can simplify complex financial documents, personalise financial education and help consumers compare products. However, AI systems may hallucinate, reproduce biases or generate commercially influenced recommendations without users fully recognising those limitations.

Conversational AI can also blur the distinction between general financial information and regulated professional advice. Consumers may act on recommendations that fail to reflect their financial circumstances, objectives or tolerance for risk.

The report stresses that AI cannot replace financial literacy. Consumers should question AI-generated answers, verify important information and carefully assess requests for personal or financial data. The OECD also urged policymakers to promote digital and financial literacy, maintain human oversight and ensure AI tools are grounded in reliable information, noting that people with limited digital skills or internet access may require additional support.

Why does it matter?

As AI becomes an increasingly common source of financial guidance, inaccurate, biased or commercially influenced recommendations could have direct consequences for consumers’ savings, debt, investments and long-term financial wellbeing. Unlike many other AI applications, errors in financial advice can translate into immediate economic harm.

The report also highlights the growing need for AI governance that combines transparency, human oversight and financial literacy. Ensuring that consumers understand both the capabilities and limitations of AI will become increasingly important as AI tools play a larger role in everyday financial decision-making.

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European Commission fines AliExpress €550 million for DSA breaches

The European Commission has fined AliExpress €550 million for breaching the Digital Services Act (DSA), concluding that the platform failed to adequately assess and mitigate the systemic risks associated with illegal, unsafe and counterfeit products sold through its marketplace.

The Commission found that AliExpress underestimated the risks posed by its services and failed to implement effective safeguards to protect consumers across the EU.

According to the Commission, AliExpress failed to adequately assess the effectiveness of its content moderation systems or allocate sufficient human resources to review illegal products.

Investigators also found that the platform’s recommender and advertising systems continued promoting illegal products before they were removed, while its risk assessments relied on insufficient quantitative evidence to measure the effectiveness of its mitigation measures.

The investigation also identified significant weaknesses in AliExpress’ risk mitigation measures. Counterfeit goods, unsafe toys and dangerous cosmetics remained available for extended periods, while traders repeatedly bypassed compliance checks through product miscategorisation.

The Commission further concluded that the platform failed to consistently sanction sellers of illegal products and that its brand authorisation system did not effectively prevent counterfeit listings.

AliExpress must submit an action plan by 20 October 2026 explaining how it will comply with the DSA.

The European Board for Digital Services will review the proposal before the Commission adopts a final implementation decision. Continued non-compliance could result in periodic penalty payments as the Commission monitors implementation.

Why does it matter?

The decision is one of the most significant enforcement actions taken under the Digital Services Act to date and demonstrates the European Commission’s willingness to impose substantial financial penalties on platforms that fail to manage systemic risks. It reinforces the DSA’s preventive approach, which requires very large online platforms to identify, assess and mitigate risks before harm occurs rather than relying solely on the removal of illegal content after the fact.

The case also signals that the Commission expects platforms to back their risk assessments with robust evidence, effective moderation systems and adequate human oversight. Future DSA enforcement is therefore likely to focus not only on the presence of illegal content but also on whether companies can demonstrate that their governance and risk management processes are working effectively.

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European Central Bank moves digital euro project into next legislative phase

The European Central Bank (ECB) says the digital euro project has entered a new phase after the European Parliament adopted its negotiating position, allowing trilogue negotiations with other EU institutions to begin.

Speaking in Rome, ECB Executive Board member Piero Cipollone said the digital euro could be introduced in 2029 if the legislative process is completed by the end of 2026. He said the project is intended to complement cash, strengthen Europe’s payments infrastructure and preserve the role of banks in the digital payments ecosystem.

The ECB also announced that a pilot involving 36 payment service providers, including banks and non-bank institutions, will begin in September 2027. The exercise is intended to support technical preparations ahead of any potential launch.

Under the proposed model, banks would distribute the digital euro and maintain customer relationships, while the Eurosystem would continue working with the payments sector to prepare the wider ecosystem for a possible rollout.

Why does it matter?

The adoption of the European Parliament’s negotiating position marks an important step towards establishing the legal framework for the digital euro. If trilogue negotiations conclude successfully, the project will move from design and experimentation towards implementation.

The ECB’s approach also reflects a broader effort to modernise Europe’s payment infrastructure while preserving the role of commercial banks and reducing dependence on non-European payment providers. The digital euro is therefore both a payments initiative and part of the EU’s wider strategy for financial and digital sovereignty.

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ILO, Zambia and Japan launch e-waste project for green jobs

The International Labour Organization (ILO), the governments of Zambia and Japan have launched a Japan-funded initiative to promote sustainable e-waste management while creating green employment opportunities for young people.

The Sustainable E-Waste Management for Youth Employment Project will support green enterprise development, expand employment opportunities for young people, women and persons with disabilities, strengthen skills development and promote circular economy practices as part of Zambia’s environmental and economic transformation.

According to the ILO and project partners, the initiative demonstrates how environmental sustainability and decent work can be advanced together. Employers, workers and government representatives said it will encourage entrepreneurship, strengthen collaboration, and help address Zambia’s growing e-waste challenge.

The project was launched in Lusaka as part of a partnership between the ILO and the governments of Zambia and Japan to support a greener and more resilient economy.

Why does it matter?

The initiative links environmental protection with employment creation by treating electronic waste as an economic resource rather than simply a disposal problem. Developing recycling and circular economy industries could help create new jobs while reducing the environmental and health impacts of poorly managed e-waste.

The project also reflects a broader international trend towards integrating climate, labour and development policies. By combining skills development, entrepreneurship and environmental sustainability, it illustrates how green transition programmes are increasingly being designed to deliver both economic and social benefits.

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Nearly six in ten UK adults now use generative AI, survey finds

Nearly six in ten UK adults used generative AI during the previous three months, according to the Department for Science, Innovation and Technology’s (DSIT) first Public Engagement Survey.

The survey found that 59% of adults had used generative AI, while 97% reported at least some awareness of AI. Tools capable of producing human-like text or speech were used by 56% of respondents, while 54% had used AI-powered digital assistants.

Adoption was highest among adults aged 16 to 44 before declining steadily with age, reaching just 8% among people aged 85 and over. Use also increased with education levels, from 19% among adults without formal qualifications to 75% among degree holders. Regionally, London recorded the highest adoption rate at 69%, compared with 51% in North East England.

Among online respondents using the technology, 83% reported personal use, 54% used it for work, and 27% for education or study. Saving time was the main motivation, followed by generating ideas and summarising information. Although easier access to information or advice was seen as AI’s biggest benefit, 74% of adults remained concerned that AI-generated information could be inaccurate.

The findings also point to broad public support for regulation. At least two-thirds of respondents backed legislation to improve AI safety, increase transparency, reduce bias and limit job displacement.

The survey was conducted between November 2025 and March 2026 and included 30,698 respondents, providing one of the broadest official snapshots of generative AI use across the UK.

Why does it matter?

The survey suggests that generative AI has moved rapidly into the mainstream, making questions of governance, digital skills and public trust increasingly important. As adoption grows across everyday life and work, ensuring people can use AI safely and effectively may become as important as expanding access to the technology itself.

The findings also highlight persistent inequalities in adoption across age, education and geography. Combined with strong public support for AI regulation, they suggest that future policy will need to address both access to AI and confidence in how it is developed and used.

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Report urges Hong Kong to strengthen AI adoption strategy

Hong Kong should draw on the experiences of Singapore and the United Kingdom to accelerate AI adoption, according to research published by the Legislative Council Secretariat.

Although Hong Kong has identified AI as a priority industry, it has yet to adopt a standalone economy-wide AI strategy. A 2025 survey found that only around 2% of local organisations were fully prepared for AI, compared with a global average of 13%.

Hong Kong ranked 20th in the International Monetary Fund’s AI Preparedness Index, behind Singapore, Japan, South Korea and the UK. While it scored highly for digital infrastructure and innovation, it ranked considerably lower in human capital, labour policy, regulation and ethics.

The report identifies fragmented governance, limited in-house expertise and insufficient computing capacity as major barriers. Around 44% of Hong Kong businesses reportedly struggled to secure adequate processing power, while many, particularly smaller firms, lacked support for redesigning workflows and integrating legacy data systems.

Singapore has addressed these barriers through coordinated funding, diagnostics and technical assistance. Grants subsidise approved AI tools, while government programmes connect businesses with consultants, engineers and major cloud providers. By October 2025, its Enterprise Compute Initiative had linked around 1,000 companies with cloud partners.

However, the report notes that Singapore also faces challenges in moving from experimentation to widespread organisational transformation. AI adoption reached 62.5% among larger companies and 14.5% among SMEs in 2024, yet only 4% of firms had integrated AI into their core business processes by 2026.

The UK has concentrated support on SMEs and traditionally less digitised sectors through programmes such as BridgeAI and Made Smarter, which combine funding with mentoring, diagnostics, training and technical collaboration. Business use of AI increased from 9.4% in September 2023 to 25.9% in March 2026, with particularly strong growth in construction, transport and manufacturing.

Both Singapore and the UK have also expanded computing infrastructure. Singapore combines cloud credits with technical support, while the UK is investing in public supercomputers and regional AI Growth Zones, which had attracted £28.2 billion in planned investment by January 2026.

The report concludes that accelerating AI adoption will require more than financial incentives. A coordinated approach combining affordable computing, technical support, workforce development and assistance with business transformation could help organisations move from isolated AI pilots to widespread operational use.

Why does it matter?

The report highlights that digital infrastructure alone is not enough to drive AI adoption. Countries that combine funding with technical assistance, workforce development, computing capacity and coordinated governance appear better positioned to translate AI investment into measurable productivity gains.

For Hong Kong, the findings suggest that competitiveness will depend less on access to AI technologies than on the ability of businesses, particularly SMEs, to integrate them into everyday operations. The report therefore reinforces a broader international trend towards AI adoption policies that emphasise implementation alongside innovation.

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OECD urges stronger governance as GenAI transforms higher education

The OECD has called for a more responsible and systematic approach to generative AI (GenAI) in higher education, warning that institutional policies, governance and support have failed to keep pace with the technology’s rapid adoption.

Its latest Education Spotlight finds that GenAI has moved from novelty to near-universal use among students. In the UK, undergraduate use rose from 66% in early 2024 to 95% in 2026, while comparable surveys found adoption above 90% among German students.

Across the EU, an average of 72% of students reported using GenAI during the previous three months in 2025, including 53% for formal education, although adoption ranged from almost 90% in Estonia to just over half in Türkiye.

Academic staff are also adopting GenAI, although at a slower pace. Globally, 61% of academics across 28 countries reported using it weekly, but only 17% considered themselves advanced or expert users. Most use remains focused on routine tasks such as drafting, editing, summarising and preparing teaching materials.

Adoption also varies by discipline, with science, engineering and business generally reporting greater confidence and use than the arts and humanities, while differences remain across gender, socio-economic background and institutional resources.

The diagram on page 4 maps GenAI use across teaching, learning, research, administration, student services and institutional management. Applications range from personalised learning materials and research coding to student support, regulatory compliance and large-scale analysis of internal documents.

The OECD warns that institutional governance has not kept pace with widespread adoption. Many students and staff continue to rely on free consumer AI tools because universities have yet to provide secure institutional alternatives. In the UK, only 38% of institutions actively provided GenAI tools to students in 2026, although this represented a significant increase from 9% two years earlier.

Governance is also lagging. A UNESCO survey found that only 19% of participating institutions had adopted formal AI policies, while a further 42% were still developing them. According to the OECD, this leaves students and staff to make individual decisions on issues such as privacy, copyright, ethics and appropriate academic use.

To support responsible adoption, the OECD identifies five priority policy areas: guidance for responsible use, coordinated compliance and procurement, AI skills development, evidence gathering through evaluation, and support for specialised educational tools.

Examples include national guidance in Australia, Ireland and Finland; shared procurement in France and the Netherlands; staff training in Germany, South Korea and Switzerland; and controlled pilot programmes to evaluate educational outcomes.

The report recommends guaranteeing access to devices, connectivity and secure AI tools, investing in staff development, enforcing privacy and safety standards, supporting research and maintaining meaningful human oversight alongside non-AI alternatives.

Why does it matter?

The report suggests that higher education has entered a new phase in which widespread GenAI use is no longer the primary challenge. Instead, universities and governments must determine how to integrate the technology in ways that strengthen learning while protecting academic integrity, privacy and equity.

The OECD also argues that effective AI adoption requires institutional governance rather than individual experimentation. Secure platforms, clear policies, staff training and evidence-based evaluation will increasingly determine whether GenAI enhances education or simply accelerates existing inequalities and weakens critical thinking.

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South Korea strengthens investigations into AI and semiconductor technology leaks

South Korea has restructured its specialised intellectual property investigation system to strengthen efforts against leaks of advanced technologies, including semiconductors and AI, amid growing concerns over economic security.

The reforms establish new investigative and analytical divisions while expanding the technology police force from 27 to 61 officers.

A new Technology Divulgence Police Division will investigate trade secret theft and the leakage of advanced technologies. Its 21 investigators will include specialists in electrical, chemical and mechanical engineering alongside patent examiners, attorneys and other technical experts.

The government also plans to expand investigative authority to cover violations involving National Core Technologies and National High-Tech Strategic Technologies.

A separate Intellectual Property Protection Analysis Division will use patent data and other intelligence to identify technologies, companies and institutions at high risk of technology leakage.

It will also cooperate with businesses, research organisations and law enforcement agencies to detect warning signs, support intelligence-led investigations and strengthen security awareness, particularly among smaller companies.

The restructuring creates an Intellectual Property Protection Standards Division responsible for investigative procedures, oversight and human rights safeguards.

Planned reforms in South Korea include clearer rules for compulsory investigations, external review through a Criminal Investigation Review Committee, stronger access to legal counsel, wider use of video recording and regular updates for parties involved in investigations.

Why does it matter?

As geopolitical competition increasingly centres on semiconductors, AI and other strategic technologies, governments are treating intellectual property protection as a matter of economic and national security. South Korea’s reforms aim to strengthen its ability to detect, investigate and prevent technology leakage before commercially valuable innovations are transferred abroad.

The restructuring also reflects a broader trend towards combining specialised technical expertise with intelligence-led enforcement and stronger procedural safeguards. This approach seeks to improve both the effectiveness and accountability of investigations involving advanced technologies.

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