Storj Token Plunges 17% as Company Behind the Project Files for Bankruptcy
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Storj's STORJ token fell 17% after Storj Labs voluntarily filed for Chapter 11 in U.S. Bankruptcy Court on July 26, saying the restructuring will address legacy liabilities while customer services and its decentralized storage network remain uninterrupted. The company, which raised about $30 million in a 2017 ICO, says the move aims to preserve the core business and position it for growth, but the bankruptcy creates near-term risk for token holders, crypto adoption and market confidence.
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- Storj token dropped 17% after Storj Labs filed for Chapter 11 bankruptcy protection in the U.S.
- The company says customer services and its decentralized storage network will continue uninterrupted.
- Storj raised about $30 million in its 2017 ICO before entering restructuring nearly a decade later.
Storj’s native token, STORJ, fell 17% today after Storj Labs, the company behind the decentralized cloud storage network, filed for Chapter 11 bankruptcy protection in the United States.
The company said the filing is meant to restructure legacy liabilities while keeping normal business operations running.
According to a July 26 announcement, Storj Labs voluntarily filed for Chapter 11 in the U.S. Bankruptcy Court for the Northern District of West Virginia. It said the restructuring will address legacy obligations while preserving its core business. Customer services a…
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