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Storj Files for Chapter 11 Amid Crypto Failures

Guavy AI Editorial Team
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STORJ
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Cloud storage firm Storj Labs has filed for Chapter 11 bankruptcy in West Virginia to address legacy obligations while keeping its services running.

The filing comes amidst a week of crypto failures, with BitMEX and BitMart announcing solvent wind-downs and Movement Labs seeking Chapter 11 protection.

Storj said it does not expect service interruptions and will continue operating, despite the bankruptcy filing. The company plans to share ownership of the reorganized entity among management, investors, and token holders.

The STORJ token fell 16% to about 6 cents following the announcement, with close to the entire supply changing hands in a day.

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