Storj Labs, the decentralized cloud storage pioneer, has filed for Chapter 11 bankruptcy—but don’t panic: services won’t go down. The company, acquired last year by Inveniam, is reorganizing to shed legacy debts and non-essential assets while keeping operations intact. What makes this move unusual? They’re offering ownership stakes to management, token holders, and investors—a bold twist in bankruptcy proceedings. This comes amid a crypto downturn, with other firms like Movement Labs folding and exchanges BitMEX and BitMart shutting down. Storj’s core model—paying users to store data on their drives—remains solid, but the AI boom has shifted investor focus, making it harder for crypto ventures to raise funds or exit.
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