STORJ Slumps 14.72% Amid Parent Company's Bankruptcy Filing

STORJ, the cryptocurrency associated with the cloud storage platform Storj, has seen a significant decline in value over the past 24 hours. According to market data from Bitget, STORJ briefly touched as low as 0.062 USDT before rebounding to its current price of 0.063 USDT. This represents a 14.72% drop in value.

The recent downturn is attributed to the parent company of Storj, Storj Labs, filing for Chapter 11 bankruptcy protection to address historical debts and continue operations. The company has assured customers that business will continue as usual during the reorganization process, with no interruption to services.