Major Crypto ATM Operator Coin Cloud Files For Bankruptcy
Cash Cloud Inc., a digital asset ATM operator doing business as CoinCloud, has voluntarily filed for Chapter 11 on Tuesday.
During the filing with the US Bankruptcy Court for the District of Nevada, CoinCloud announced an estimated number of creditors between 5,000 and 10,000, and additionally estimated that the company has total assets of between $50 million and $100 million. while it has total liabilities of between $100 million and $500 million. Crypto lender Genesis Global Trading Inc. has been listed as the largest unsecured creditor of CoinCloud with an absolute claim of $116,353,435 and after deducting its value, Genesis Global Trading has an unsecured claim amounting to $108,568,655, as per That filing shows that and on January 19, Genesis Global Holdco LLC and other lending business subsidiaries such as Genesis Global Capital filed for Chapter 11 in the Southern District of New York. However, Genesis Global Trading is not included in the filing. Div. to Genesis against the company by the US Securities and Exchange Commission (SEC). A bankruptcy suit was filed and the allegation was proved that the crypto loan lender had recommended and solicited retail investors to sell registered securities. On its website, CoinCloud boasts that it operates more than 5,000 two-way ATMs across the US and Brazil, and that the machines will certainly allow users to buy more than 40 other cryptocurrencies, such as bitcoin, bitcoin cash, litecoin, and ether. and also provides a variety of stable coins, gaming tokens and decentralized finance (DeFi) coins.
Crypto ATM tracking website Coin ATM Radar ranks Cloud as the second largest crypto ATM operator with 4826 machines, second only to Bitcoin Depot with 6634 machines included in the ranking. The tracking site details that there are currently 38,340 crypto ATMs in 81 countries. In addition to Genesis Global, crypto firms that have filed for bankruptcy and stepped up their response over the years include FTX, Core Scientific, Celsius Network, Voyager Digital, Three Arrows Capital and BlockFi, of course.
