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Bitcoin ATM operator Coin Cloud files for bankruptcy

Bitcoin ATM operator Coin Cloud files for bankruptcy

Bitcoin ATM provider Coin Cloud has filed for bankruptcy protection. This is an American company from Las Vegas, which had a network in the US and Brazil. They filed for bankruptcy in Nevada County Court.

According to the statement, the company has debts ranging from $100 to $500 million. The operator's assets are estimated at $50-100 million, and the number of creditors is up to 10,000.

The largest debtor of Coin Cloud is the Genesis Global Trading platform. They have an unsecured loan of about $100 million. On January 19, Genesis filed for bankruptcy. The company estimates liabilities in the range of $1 billion to $10 billion and assets in the same range.

By the way, in November last year, Genesis planned to become an investor in Coin Cloud and help expand the network of crypto maps. But due to the collapse of FTX and other difficulties, the company went into decline.

Crypto lender Genesis Global Capital owes $3.8 billion to its top 50 creditors, according to the documents. This list includes the Gemini crypto exchange, the manager of the VanEck hedge fund and the Stellar Development Foundation, the Digital Finance Group investment company, etc.