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Storj Labs has filed for Chapter 11 bankruptcy protection in the United States, and its operations will continue.

1 days ago

Decentralized cloud storage project Storj’s parent company, Storj Labs, announced it has voluntarily filed for Chapter 11 bankruptcy under U.S. bankruptcy code to resolve historical debts and sustain operations. The firm noted that business will continue as usual during the restructuring period, with no disruption to customer services, and plans for the restructured entity to be jointly owned by management, the community, STORJ token holders, and investors. Founded in 2014, Storj is a decentralized storage network that allows users to provide cloud storage services to global clients by sharing unused hard drive space, with STORJ tokens used for incentives and payments.

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