Decentralized cloud network Storj Labs said it filed for Chapter 11 bankruptcy, becoming the fourth crypto company in seven days to announce a failure or wind-down as investor interest switches to AI. The filing, lodged in the U.S. Bankruptcy Court for the Northern District of West Virginia, is intended to resolve what the company called legacy obligations from an earlier period while keeping the business running. Storj said it does not expect service interruptions and will continue operating. Of the other firms, Movement Labs, the developer behind the Movement blockchain, also filed for bankruptcy protection. Crypto exchanges BitMEX and BitMart both announced closures. Storj runs a decentralized cloud storage network, paying individuals and businesses to rent out unused disk space rather than operating its own data centers. Last year, it was acquired by Inveniam, which the company said endorses the reorganization and continues to support it. Storj said it is disposing of previous acquisitions and non-essential operations. "The business underneath is strong and right-sized," said Kaloyan Raev, the company's director of software engineering, said in a statement. "What holds it back are legacy obligations from an earlier chapter."