Chapter 11 Bankruptcy

Storj Labs has filed for Chapter 11 bankruptcy in West Virginia while saying its decentralized cloud storage services will continue. The company’s restructuring proposal includes a rare plan to share ownership of the reorganized business with token holders, management, and investors.

Movement Labs, developer of the Movement blockchain, has filed for Chapter 11 bankruptcy after months of disruption tied to its MOVE token launch. The filing follows scrutiny over a market-making arrangement, a Binance ban connected to the market maker, a token buyback and a broader attempt to reposition the project.