Crypto
Storj Labs Files for Bankruptcy, Explores Equity Pathway for Tokenholders
Decentralized cloud storage provider Storj Labs has filed for Chapter 11 bankruptcy protection in the US Bankruptcy Court for the Northern District of West Virginia.
The company said it plans to keep its network running while restructuring legacy liabilities and exploring an ownership pathway for STORJ tokenholders.
Storj's liabilities largely predate its current strategy and are too substantial to resolve through business growth alone, according to the company.
The company said ordinary operations and customer services would continue during the process, subject to court oversight.