CoinDesk·4 min read·medium
Cloud data firm Storj files for Chapter 11, extending a week of crypto failures. Token slides 16%
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Shaurya Malwa
✦AI Summary
Cloud storage firm Storj has filed for Chapter 11 bankruptcy to address legacy obligations while continuing operations. This filing is part of a broader wave of failures in the cryptocurrency sector, including the closure of exchanges like BitMEX.
The filing, lodged in the U.S. Bankruptcy Court for the Northern District of West Virginia, is intended to resolve what the company called legacy obligations from an earlier period while keeping the business running. Storj said it does not expect service interruptions and will continue operating.
businesscryptotechnology
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