Storj Labs, a decentralized cloud storage provider, filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the Northern District of West Virginia on Sunday. The company said it will keep its network running and continue customer services under court oversight while its parent, Inveniam, provides support. Storj noted that its liabilities predate its current strategy and are too large to resolve through growth alone. It added that the network operates normally and the STORJ token’s utility remains unchanged, with the price trading around $0.072 and showing no significant reaction. Management intends to propose a mechanism that would let tokenholders participate in equity of the reorganized company, though details on eligibility, token snapshots, lock‑up periods and equity allocation have not been disclosed. The plan must follow bankruptcy priorities and receive court approval. The filing follows similar Chapter 11 actions by Movement Labs, which filed under Subchapter V on July 15, and Poolin, which filed on July 22. Other crypto firms such as BitMEX and BitMart have pursued wind‑downs without filing for bankruptcy. The outcome of Storj’s restructuring will determine whether tokenholders can influence ownership of a company emerging from bankruptcy, a question that remains undetermined.