STORJ token crashes 34% ahead of Upbit delisting

The STORJ token experienced significant volatility, surging 60% before crashing 34% in a single day. This price swing occurred as traders reacted to a delisting deadline set by Upbit, South Korea’s largest cryptocurrency exchange.

Upbit is scheduled to delist STORJ on Sunday at 15:00 Korean time. This follows a previous move by Binance, which removed the token from spot trading on September 3rd after placing it under a monitoring label in May.

Storj Labs, the developer of the decentralized cloud storage platform, is currently in Chapter 11 bankruptcy proceedings. Despite the recent price volatility and exchange delistings, the token remains up over 32% for the week due to the magnitude of the initial spike.