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MOVE 
STORJ Decentralized cloud storage service provider Storj Labs files for bankruptcy
Decentralized cloud storage service provider Storj Labs has become the latest crypto company to file for bankruptcy due to what the company calls "legacy debt." Storj voluntarily filed a Chapter 11 reorganization application with the U.S. Bankruptcy Court for the Northern District of West Virginia on July 26.
Kaloyan Raev, director of engineering at Storj Labs, said applying for a Chapter 11 restructuring was a "decisive and positive step" aimed at clearing up some of the legacy debt that has hindered the company's growth. "What's dragging down the company is legacy debt from its early stages," he said. This process allows us to resolve these issues in an orderly manner and start again on a clean basis after reorganization."
Storj will cut non-core businesses
Storj said it will dispose of previously acquired businesses and non-core businesses as part of a Chapter 11 reorganization. The application comes approximately nine months after Storj was acquired by Inveniam and became a subsidiary.
The company operates a decentralized cloud storage network that encourages companies and individuals to rent idle hard disk space rather than build and operate their own data centers. Storj plans to focus on its core business in the future, which Raev described as "strong and moderately sized." The company said that during the reorganization process, the network will continue to operate normally and fulfill its obligations without causing any interruption to customer service.
As of press time, STORJ tokens have fallen 17.9% in the past 24 hours, trading at US$0.06044.
More business contraction in the encryption space
Before Storj filed the application, Movement Labs also declared bankruptcy on July 15. Movement Labs has been embroiled in a controversy over market-making deals in which the company handed over 5% of its MOVE token supply to an unknown market-maker named Rentech. Rentech sold all 5% of its supply (approximately 66 million MOVE) shortly after the token launch, making a profit of $38 million. MOVE tokens were never recovered from this incident.
During this year's bear market, many crypto companies were forced to close. As of July 24, 95 projects have been closed in 2026, with the most recent closures including SecondFi, BitMEX and BitMart.
