Decentralized Storage Firm Storj Files Chapter 11, Offers Token Holders Equity

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Storj, a decentralized cloud data storage company, has filed for Chapter 11 bankruptcy protection. Despite the filing, the company states that its operations will continue without interruption. In an unusual move for a crypto-related bankruptcy, Storj has proposed converting token holders into equity stakeholders in the restructured business. The filing adds to a string of crypto industry failures within the same week. Following the announcement, Storj's token dropped approximately 16% in value.

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