Bitcoin ATM operator Coin Cloud files for bankruptcy, with Genesis as the largest creditor
Coin Cloud, which operates over 4,000 Bitcoin ATMs in the United States and Brazil, filed for bankruptcy protection in Nevada on February 7th.
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In November last year, Bloomberg reported that Coin Cloud had hired advisors to help restructure its debt, and Genesis had considered injecting equity into Coin Cloud. However, at that time, both companies did not publicly respond to this news.
Now, Coin Cloud has filed for bankruptcy protection in the state of Nevada, USA. According to the documents submitted to the court, Coin Cloud has between 5,001 and 10,000 creditors, with estimated assets ranging from $50 million to $100 million and liabilities between $100 million and $500 million.
The largest creditor is Genesis Global Trading, with unsecured loans exceeding $100 million. In addition, American Express holds approximately $410,000 in debt due to providing credit card services.
