Storj Labs Files Chapter 11 Bankruptcy to Restructure Debts and Continue Operations

Storj Labs initiates US Chapter 11 proceedings to resolve historical debts while maintaining uninterrupted service. The restructured entity aims for collective ownership by management, community, and STORJ holders.

Woofun AI reports that Storj Labs, the parent company of decentralized cloud storage project Storj, has filed for Chapter 11 bankruptcy protection in the United States. The filing aims to address historical debts while ensuring business continuity without interruptions to customer service during the reorganization period.

The company plans for the restructured entity to be collectively owned by management, the community, STORJ token holders, and investors. Founded in 2014, Storj operates a decentralized storage network where users share spare hard drive space to provide global cloud storage services, utilizing the STORJ token for incentives and payments.