Storj Labs files for Chapter 11 bankruptcy reorganization in the US, business will continue operations

Storj Labs, the parent company of decentralized cloud storage project Storj, announced it has voluntarily filed for bankruptcy reorganization under Chapter 11 of the U.S. Bankruptcy Code to resolve historical debts and continue operations.

Storj Labs stated that business will continue as usual during the reorganization period without interrupting customer service. It plans to restructure the company 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 for global customers by sharing unused hard drive space, incentivized and paid for using STORJ tokens.