StormX has voluntarily submitted a bankruptcy protection application under Chapter 7 of the US Bankruptcy Code

According to official sources, StormX, Inc. announced today that it has voluntarily filed for bankruptcy protection under Chapter 7 of the U.S. Bankruptcy Code. Creditors who believe they have a claim against StormX, Inc. must submit proof of their claim, detailing the amount and basis of their claim. No debt agent has been designated in this case, therefore any proof of debt must be submitted through the court's website. In May, StormX revealed that it was supposed to merge with EarnM, but EarnM ultimately abandoned the deal. In July 2021, cryptocurrency rebate platform StormX received a $9 million financing led by Optimista Capital. It is reported that "Chapter 7 Bankruptcy" refers to the procedure in which a company that is unable to repay its debts can sell its assets to repay its creditors; The proceeds from the sale of assets are used to repay the company's debts. The company subsequently dissolved and ceased to exist.