Bitcoin ATM Operator Coin Cloud Files for Bankruptcy With Liabilities of $100M-$500M
Coin Cloud, which operates more than 4,000 bitcoin ATMs across the U.S. and Brazil, has filed for bankruptcy with estimated liabilities of between $100 million and $500 million.
The Las Vegas-based firm has assets of between $50 million and $100 million and as many as 10,000 creditors, according to a filing in the Bankruptcy Court for the District of Nevada dated Feb. 7.
The company's largest creditor is Genesis Global Trading, which has an unsecured loan of just over $100 million. Genesis is a subsidiary of Digital Currency Group, which is also the parent company of CoinDesk. Genesis also discussed injecting equity into the ATM operator, Bloomberg reported in November.
Coin Cloud hired legendary filmmaker Spike Lee to direct a commercial for it in 2021.
Read more: Bankrupt Lender Genesis and Parent DCG Reach Initial Agreement With Main Creditors: Source