CoinCloud, which operates more than 4,000 Bitcoin (BTC) ATMs in the U.S. and Brazil, has filed for Chapter 11 bankruptcy with an estimated debt of $100-500 million. applied.
The Las Vegas-based company has between $50 million and $100 million in assets and 10,000 creditors, according to filings in Nevada bankruptcy court dated February 7.
The largest creditor is Genesis Global Trading, with just over $100 million in unsecured loans. Both Genesis and CoinDesk are subsidiaries of Digital Currency Group.
Bloomberg reported last November that Genesis was also considering a stake in the company.
In 2021, Coincloud hired big-name movie director Spike Lee to produce a commercial.
｜Translation: coindesk JAPAN
｜Editing: Takayuki Masuda
｜Image: Coin Cloud website (capture)
｜Original: Bitcoin ATM Operator Coin Cloud Files for Bankruptcy With Liabilities of $100M-$500M