Storj fell 15% over the past 24 hours after its parent company, Storj Labs, filed for voluntary reorganization under Chapter 11 of the U.S. Bankruptcy Code. HTX market data showed the token remained under pressure following the bankruptcy announcement. BlockBeats had previously reported that Storj Labs, the parent of the decentralized cloud storage project Storj, sought Chapter 11 protection to address historical debt while continuing operations. The filing links the token’s recent weakness to the company’s restructuring process, with the latest market data pointing to an extended slide after the announcement.
Storj fell 15% over the past 24 hours after the bankruptcy announcement, according to HTX market data cited by BlockBeats on July 27.
BlockBeats had previously reported that Storj Labs, the parent company of the decentralized cloud storage project Storj, had voluntarily filed for reorganization under Chapter 11 of the U.S. Bankruptcy Code to address historical debt and continue operations.
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