The company’s STORJ token fell 16% to about 6 cents. Nearly $20 million worth of tokens changed hands against a market value of around $27 million, meaning close to the entire supply delivered in one day. The token is down 79% over the past year and 98% from its March 2021 high of $3.81.
The restructuring proposal contains a provision rarely seen in a bankruptcy: Storj said he plans to share ownership of the reorganized company between management, token holders and investors.
Token holders typically have no legal rights over an issuer and receive nothing in a Chapter 11 proceeding.
The presentation extends an unusually intense week. BitMEX, the exchange that invented the perpetual swap, said on July 23 that it would close after 11 years, with daily volume down to about $400,000 and its BMEX token falling more than 90%.
Its parent, HDR Global Trading, said the platform was not insolvent and that assets exceeded liabilities, pointing instead to a strategic review that followed some $200 million in regulatory fines and a sale process that found no buyer.
BitMart announced its own liquidation on Sunday, immediately halting new deposits and trading orders, ending all trading on August 26, and setting a shutdown for January 2027, with its BMX token falling 58% upon the news.
