Storj Labs Files Chapter 11 Bankruptcy to Clear Legacy Debt, Slashes Token 18%
Storj Labs filed for Chapter 11 bankruptcy protection to reorganize legacy debt while keeping its decentralized cloud storage network operational. The company previously raised approximately $35M through token sales and grants to maintain infrastructure.
The filing triggered an 18% drop in the STORJ token to roughly $0.06, adding to a string of shutdowns and restructuring events among smaller crypto infrastructure businesses this month.
From the sources (6 posts)
@wublockchainStorj Labs Files for Chapter 11 Bankruptcy After Raising Approximately $35 Million Storj Labs, the company behind decentralized cloud storage network Storj, has voluntarily filed for Chapter 11 bankruptcy protection to address legacy debt
@wublockchainSource:
@storjToday Storj began a voluntary financial restructuring — an accelerated, court-supervised reorganization to resolve legacy liabilities that predate our current strategy. The business and network continue as normal. 🧵
@_rkconsultants🚨 Storj Labs files for chapter 11 protection in West Virginia STORJ LABS INC. 📊 Assets: $1M-$10M | Liabilities: $1M-$10M | Creditors: 1-49 | Industry: Decentralized Cloud Storage and Compute Services | District: Northern District of West V
@coinmarketcapLATEST: 📊 STORJ fell 18% to ~$0.06 after Storj Labs filed for Chapter 11 bankruptcy to address legacy liabilities, the latest in a string of July shutdowns.
@trueo_COMPANY WATCH 🏢 STORJ LABS FILES CHAPTER 11 BANKRUPTCY TO ADDRESS LEGACY DEBT. THE DECENTRALIZED CLOUD STORAGE NETWORK HAS RAISED ~$35M.