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Storj Labs Files Chapter 11, Offers Token Holders Equity Amid Crypto Market Turmoil

Guavy AI Editorial Team
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Decentralized cloud storage company Storj Labs has filed for Chapter 11 bankruptcy in West Virginia to address legacy debts while maintaining operations.

The move is a rare instance where token holders will receive equity alongside management and investors, according to the restructuring plan.

This comes amidst a tough week for crypto, with BitMEX and BitMart shutting down and Movement Labs seeking bankruptcy protection.

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