STORJ token falls 20% as decentralized storage firm files for Chapter 11 bankruptcy amid crypto shutdown wave
The Block·
60-second summary
Storj Labs, the decentralized storage firm, files for Chapter 11 bankruptcy, causing its STORJ token to plummet 20% to $0.06, marking a significant decline. The token's value has been volatile, and this latest drop is part of a broader crypto market downturn, with many firms struggling to stay afloat amidst the current economic conditions and regulatory pressures.
STORJ dropped 19% to $0.06 after Storj Labs filed voluntary Chapter 11 on July 26 to resolve legacy liabilities.