Storj Files for Bankruptcy Amid Legacy Obligations; WEMIX Stablecoin Hit by $6.25M Breach

Storj Labs has filed for Chapter 11 bankruptcy in the US Bankruptcy Court for the Northern District of West Virginia. The company made this move on July 26, citing legacy financial obligations as a major concern.

The filing does not mean an immediate shutdown or interruption to customer services. Storj said it will continue operating normally and is reviewing previous acquisitions and non-essential operations to streamline its business.

Kaloyan Raev, Director of Software Engineering, described the filing as 'a restructuring effort rather than a shutdown.' He noted that the company's underlying business remains strong but has been weighed down by legacy obligations.