Coin Cloud, which operates more than 4,000 Bitcoin ATMs in the United States and Brazil, filed for bankruptcy protection with the Nevada Bankruptcy Court on February 7.
Bloomberg reported in November last year that Coin Cloud had hired consultants to help restructure its debt, and Genesis had also considered injecting equity into Coin Cloud, but neither company publicly responded to the news at the time.
Now Coin Cloud has applied for bankruptcy protection to the Nevada Bankruptcy Court in the United States. According to the documents submitted to the court, Coin Cloud has 5,001 to 10,000 creditors. The company’s assets are estimated to be between 50 million and 100 million US dollars, and its liabilities are Between US$100 million and US$500 million.
And the largest creditor, Genesis Global Trading, has more than $100 million in unsecured loans. In addition, American Express has about $410,000 in debt for providing credit card services.
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