BTC ATM operator Coin Cloud filed for bankruptcy protection


Coin Cloud, the BTC ATM operator, faces the possibility of bankruptcy due to growing liabilities, which are estimated at $100 million to $599 million. The company borrowed $100 million from Genesis Global Trading without any collateral conditions.

Coin Cloud operates 400 BTC ATMs in North and South America, as well as Brazil, but has been unable to withstand the ongoing crisis in the cryptocurrency market, forcing it to file for bankruptcy protection.

According to the data, Coin Cloud has less than $100 million in assets and almost 10,000 creditors.

The largest of these is Genesis Global Trading (a subsidiary of Digital Currency Group and parent company of CoinDesk), which was seriously considering investing in the business before it fell. Earlier, when the cryptocurrency market was experiencing growth, Coin Cloud even hired director Spike Lee to create commercials.

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