Cloud data firm Storj files for Chapter 11, extending a week of crypto failures. Token slides 16%

Cloud data firm Storj has filed for Chapter 11 bankruptcy, contributing to a week of crypto failures. Following the announcement, the STORJ token dropped between 16% and 17%. The Director of Software Engineering at Storj asserted that the core business is strong and right-sized, explaining that legacy obligations from a previous chapter are the primary factor hindering the company's progress despite the current financial restructuring process and the recent decline in token value.