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Cryptocurrencies: 30019
Markets: 116573
Market Cap: $2,636,882,552,030     
24h Vol: $40,477,932,652
Seeking Alpha 2023-02-08 18:09:23

Crypto ATM provider Coin Cloud files for bankruptcy, owes over $100M to Genesis

Crypto ATM provider Coin Cloud files for bankruptcy, owes over $100M to Genesis
Cryptocurrency ATM operator Coin Cloud filed for bankruptcy protection in Nevada with estimated liabilities of up to $500M, according to a recent filing. The company, which operates over 4,500 automatic teller kiosks for crypto, has more than $150M of debt, including $100M-plus owed to insolvent crypto lender Genesis Global Holdco, the bankruptcy filing showed Tuesday. It has a total of as many as 10,000 creditors with assets of $50M-$100M. Genesis is Las Vegas-based Coin Clouds' largest creditor by at least 10 times. The lender towards the end of January filed for Chapter 11 protection after getting ensnarled in the financial contagion from crypto exchange FTX ( FTT-USD ).
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