Coin Cloud, a Bitcoin ATM operator has filed for bankruptcy, reportedly having liabilities between USD 100 million and USD 500 million.
Coin Cloud has over 4k BTC ATMs spread across the United States and Brazil. The company went after bankruptcy protection and its estimated liabilities are reportedly hefty, in the USD 100-500 million range.
Coin Cloud is currently headquartered in Las Vegas, Nevada and reportedly has assets ranging from USD 50 million to USD 100 million. The list of creditors indicates that there are approximately 10,000 of them, as was made evident from the bankruptcy filing. On the 7th of February 2023, Coin Cloud filed for bankruptcy at the United States Bankruptcy Court based in the District of Nevada.
The Bitcoin ATM operator’s biggest creditor seems to be Genesis Global Trading with reportedly has more than USD 100 million invested via an unsecured loan. Genesis Global Trading is a subsidiary of CoinDesk’s parent company, Digital Currency Group. According to a Bloomberg report from November 2022, Genesis was also in talks to inject equity into Coin Cloud.
In 2021, the Bitcoin ATM operator acquired the services of legendary director Spike Lee to film a Coin Cloud commercial.
