Storj Labs, a decentralized cloud storage provider, has filed for Chapter 11 bankruptcy protection. The team announced that the network will continue to operate normally under court supervision. The company's management plans to offer STORJ token holders a way to participate in the equity of the reorganized company, although specific details have yet to be disclosed.
Founded in 2014, Storj has seen its native token's price drop over 15% to $0.06 following the news.