Storj Files for Chapter 11 Bankruptcy as STORJ Token Plunges 17%
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Storj Labs, a decentralized cloud storage provider, voluntarily filed for Chapter 11 bankruptcy in the US Bankruptcy Court for the Northern District of West Virginia to restructure liabilities while maintaining operations. Management said the accelerated reorganization addresses obligations that largely predate its current business strategy, creating short-term risk to adoption and token holders until the restructuring concludes.
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Decentralized cloud storage company Storj Labs has voluntarily filed for Chapter 11 bankruptcy protection in the US Bankruptcy Court for the Northern District of West Virginia as it seeks to restructure its finances while keeping its business running without disruption.
In an open letter to its community, Storj’s management and board described the move as an accelerated financial reorganization designed to deal with obligations that largely predate its current business strategy.
