Storj Developer Files for Bankruptcy 📉
Storj Labs, the company behind the decentralized cloud storage network Storj, has voluntarily filed for Chapter 11 bankruptcy under the US Bankruptcy Code. 🏛
The company stated that this move will allow them to resolve old debts while the service continues to operate normally. 🔄 They promised to present a plan where management, STORJ token holders, and investors will jointly own the restructured company. 🤝
The STORJ token plummeted by 20% following the company's announcement. 💸
Storj Labs raised about $30 million during the STORJ token ICO in 2017, followed by another $5 million in venture capital and grants. 💰
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1July 27, 2026 1.1K
