Storj Labs has filed for Chapter 11 bankruptcy protection in the United States, and its operations will continue.

BlockBeats News, July 27th - Decentralized cloud storage project Storj's parent company, Storj Labs, announced that it has filed for Chapter 11 bankruptcy protection in the United States to address historical debts and continue operations.

The company stated that during the reorganization period, business will continue as usual without interruptions to customer service. They plan for the restructured company to be collectively owned by management, the community, STORJ token holders, and investors. Storj is a decentralized storage network founded in 2014, where users can provide cloud storage services to global customers by sharing spare hard drive space, utilizing the STORJ token for incentives and payments.