According to Huoxing Finance, on July 27, Storj Labs, the parent company of the decentralized cloud storage project Storj, announced it has voluntarily filed for Chapter 11 bankruptcy reorganization under U.S. bankruptcy law to address historical debts and continue operations. The company stated that business will continue uninterrupted during the restructuring process, with customer service remaining unaffected, and plans for the reorganized company to be jointly held by management, the community, STORJ token holders, and investors. Storj is a decentralized storage network founded in 2014, enabling users to provide cloud storage services to global customers by sharing their idle hard drive space, with incentives and payments facilitated through STORJ tokens.
Storj Labs Files for Chapter 11 Bankruptcy in the U.S., Operations to Continue
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Summary
Storj Labs has announced a project update, filing for Chapter 11 bankruptcy in the U.S. to address historical debts while continuing operations. The company confirmed no disruption to customer service and outlined plans for a restructured entity jointly owned by management, the community, STORJ token holders, and investors. Storj, a decentralized storage network launched in 2014, rewards users with STORJ tokens for sharing unused storage space. This announcement comes as part of ongoing efforts to stabilize the business, with potential new token listings on major exchanges expected as part of the restructuring process.
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