Storj Labs, known for its decentralized cloud storage services, has initiated Chapter 11 bankruptcy proceedings. The company assured users that its network will continue to function normally while under court oversight. Management revealed intentions to provide STORJ token holders with an opportunity to gain an equity stake in the restructured organization, although further details remain pending.
Since the announcement, the value of Storj’s native token has fallen by over 15%, now trading at $0.06.
