Decentralized storage project Storj Labs files for bankruptcy protection
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Decentralized storage project Storj Labs files for bankruptcy protection
According to Cointelegraph, decentralized cloud storage provider Storj Labs has filed for Chapter 11 bankruptcy protection with the U.S. Bankruptcy Court for the Northern District of West Virginia. The company stated that during the restructuring, the network will maintain normal operations, customer service will not be affected, and parent company Inveniam will continue to provide support. Storj management plans to propose a mechanism allowing STORJ token holders to participate in the equity of the restructured company, but specific eligibility criteria, token snapshots or lock-up arrangements, and equity allocation ratios have not yet been disclosed; any plan must be approved by the court.
Navigating Web3 tides with focused insightsTechFlow news, July 27. According to Cointelegraph, decentralized cloud storage provider Storj Labs has filed for Chapter 11 bankruptcy protection with the U.S. Bankruptcy Court for the Northern District of West Virginia. The company stated that the network will maintain normal operations during the restructuring, customer service will not be affected, and parent company Inveniam will continue to provide support. Storj management plans to propose a mechanism allowing STORJ token holders to participate in the equity of the post-restructuring company, but specific eligibility criteria, token snapshot or lock-up arrangements, and equity allocation ratios have not been disclosed; any plan must be approved by the court.
