Me made a name for itself by selling at-home, mail-in DNA testing kits that gave ordinary people a look at their possible ancestry as well as genetic markers that could point to potential medical problems down the road.

NEW YORK (AP) — 23andMe has filed for Chapter 11 bankruptcy protection and its co-founder and CEO has resigned as the struggling genetic testing company continues its push to cut costs. San Francisco-based 23andMe announced on Sunday that it will look to sell “substantially all of its assets” through a court-approved reorganization plan.

Wojcicki said she intends to become an outside bidder to acquire the company’s assets after her earlier efforts to take 23andMe private failed.

Officials including California Attorney General Rob Bonta had questioned what would happen to the genetic data collected by 23andMe.

As you may know, 23andMe collects and holds sensitive, immutable, identifiable personal information about millions of American consumers who have used the Company's genetic testing and telehealth services.

Whether the Sei Foundation buys 23andMe, or not, the genetic data company’s bankruptcy shows the perils of centralized data collection and how blockchains can protect the public, says Phil Mataras, founder and CEO of decentralized cloud network AR.