PANews reported on June 26 that 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 claims against StormX, Inc. must submit proof of claim, detailing the amount and basis of the claim. No claim agent was designated in this case, so any proof of claim must be submitted through the court website. Earlier in May, StormX disclosed that it was supposed to merge with EarnM, but EarnM eventually abandoned the deal.

Earlier in July 2021, StormX, a cryptocurrency rebate platform, received $9 million in financing led by Optimista Capital . It is reported that "Chapter 7 bankruptcy" refers to a procedure in which a company that cannot repay its debts can sell its assets to repay creditors; the proceeds from the sale of assets are used to repay the company's debts. The company is then dissolved and no longer exists.