StormX Files for Chapter 7 Bankruptcy Amid Financial Challenges

According to PANews, StormX, Inc. has voluntarily filed for Chapter 7 bankruptcy protection under U.S. bankruptcy law. Creditors who believe they have claims against StormX, Inc. are required to submit proof of their claims, detailing the amount and basis of their claims. As no claims agent has been appointed for this case, all proofs of claim must be submitted through the court's website. In May, StormX revealed plans to merge with EarnM, but the merger was ultimately abandoned by EarnM. Previously, in July 2021, the cryptocurrency cashback platform StormX secured $9 million in funding led by Optimista Capital. Chapter 7 bankruptcy allows companies unable to repay their debts to liquidate their assets to pay creditors. The proceeds from asset sales are used to settle the company's debts, and the company is subsequently dissolved.