The operator of ATM Crypto Coin Cloud in the United States and Brazil has just filed for bankruptcy with the United States Bankruptcy Court for the District of Nevada. The company has over 5,000 creditors and debts of over $100 million. Genesis Global is its largest creditor.
A decision to protect the interest of creditors
Coin Cloud Founder and CEO Chris McAlary has announced that the company has filed for Chapter 11 reorganization with the U.S. Bankruptcy Court for the District of Nevada. He said this is a decision that will allow the company to work its debt, to protect the interests of its creditors. It will also make it possible to emerge as a stronger and more financially stable company.
Coin Cloud remains operational for hosts and customers moving forward, he added. This operatorthe world’s leading provider of crypto ATMs is among many companies to have suffered the disastrous consequences of the fall of FTX.
Coin Cloud: Genesis Global is its biggest creditor
According to the filing, Coin Cloud has liabilities between $100 million and $500 million. While his asset is between 50 and 100 million dollars. It also has between 5,001 and 10,000 creditors. Its largest creditor is Genesis Global Capital, a subsidiary of Digital Currency Group. Coin Cloud owes him over $100 million for an unsecured loan. His second creditor is Cole Kepro, to whom he owes approximately $8.5 million.
The Coin Cloud company has had a very turbulent time. She experienced a strong growth in January 2022. It is indeed positioned as the largest ATM operator in the United States. But it suffered a sharp drop in mid-2022 following the crypto winter and the decline of Bitcoin.
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