Coin Edition -
- Crypto ATM operator Coin Cloud filed for bankruptcy following substantial losses.
- The firm wants to secure new funding or sell the business.
- Genesis Global Trading is the largest creditor, with an unsecured claim of over $108 million.
Coin Cloud, a crypto ATM operator, filed for chapter 11 bankruptcy on February 7. The filing was made with the Las Vegas bankruptcy court in the United States. Following substantial losses over the past two years, the company announced its intention to secure new funding or sell the business. It joins a growing list of crypto firms that have collapsed during the ongoing market downturn.
The founder and CEO of Coin Cloud, Chris McAlary, said in a statement.
We are announcing today that our company has filed for Chapter 11 reorganization. This decision will allow us to rework our debt, protect the interests of our creditors, and emerge as a stronger, more financially stable company.
According to the filing, the company has between $50 million to $100 million in assets, $100 million to $500 million in liabilities, and between 5,000 and 10,000 creditors. In terms of claims, Genesis Global Trading is the biggest creditor, per…
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