Storj files for Chapter 11 bankruptcy protection

Storj said on its official X account that it has filed for Chapter 11 bankruptcy protection in a U.S. court. The company said the filing is intended to address existing debt issues while allowing the business to continue operating. Once the reorganization process is completed, Storj said the entity is expected to be restructured into a jointly owned model involving management, the community, STORJ holders and investors. Storj, founded in 2014, operates a cloud storage network. Other crypto-related companies that have entered bankruptcy proceedings this year include MOVE developer Movement Labs, Bitcoin ATM operator Bitcoin Depot (BTM), crypto lending platform Blockfills and stablecoin operator Archblock.