Fun

Major Crypto ATM Operator Coin Cloud Files for Bankruptcy

News Feed - 2023-02-10 04:02:46

Major Crypto ATM Operator Coin Cloud Files for Bankruptcy


One of the largest cryptocurrency ATM operators, Coin Cloud, which claims to operate more than 5,000 crypto ATMs, has filed for bankruptcy in the U.S. The company’s largest creditor is Genesis Global Trading, whose parent company also recently filed for bankruptcy in the U.S. Coin Cloud Files for Bankruptcy


Cash Cloud Inc., a digital asset ATM operator doing business as Coin Cloud, voluntarily filed for Chapter 11 bankruptcy on Tuesday.


In its filing with the U.S. bankruptcy court for the District of Nevada, Coin Cloud declared an estimated number of creditors of between 5,000 and 10,000. In addition, the company estimated that its total assets range between $50 million and $100 million while its total liabilities fall between $100 million and $500 million.


Crypto lender Genesis Global Trading Inc. is listed as Coin Cloud’s largest unsecured creditor, with a total claim of $116,353,435. After deducting the value of collateral, Genesis Global Trading’s unsecured claim amounts to $108,568,655, the filing shows.


On Jan. 19, Genesis Global Holdco LLC and two of its lending business subsidiaries, including Genesis Global Capital, filed for Chapter 11 bankruptcy in the Southern District of New York. However, the filing does not include Genesis Global Trading. Genesis’ bankruptcy followed a lawsuit against the company by the U.S. Securities and Exchange Commission (SEC) alleging that the crypto lender offered and sold unregistered securities to retail investors.


On its website, Coin Cloud claims that it operates more than 5,000 two-way crypto ATMs across the U.S. and Brazil. The machines allow users to buy and sell over 40 cryptocurrencies, including bitcoin, bitcoin cash, litecoin, and ether. They also offer a number of stablecoins, gaming tokens, and decentralized finance (defi) coins.


Crypto ATM tracking website Coin ATM Radar ranks Coin Cloud as the second largest crypto ATM operator with 4,826 machines — second only to Bitcoin Depot with 6,634 machines. According to the tracking site, there are currently 38,340 crypto ATMs in 81 countries.


Besides Genesis Global, a number of crypto firms filed for bankruptcy last year, including FTX, Core Scientific, Celsius Network, Voyager Digital, Three Arrows Capital, and Blockfi. Tags in this story ATM operator bankruptcy, bitcoin atm operator, Coin Cloud, coin cloud ATM operator, coincloud, crypto ATM operator, crypto ATM operator bankrupt, genesis, Genesis Global Capital


Do you think more crypto ATM operators will file for bankruptcy? Let us know in the comments section below. Kevin Helms


A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography. Nigerian City of Lagos Among the World"s Top 20 Crypto Hub Cities — Study FEATURED | 1 day ago Robert Kiyosaki Says He Likes Bitcoin — Calls BTC "People"s Money" FEATURED | 4 days ago


Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleLBank Secures Virtual Asset Provider Registration to Operate in Italy Next articleAnalyst Warns of Banks’ Authority to Confiscate Funds, Decline of US Dollar Purchasing Power Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItOman to Incorporate Real Estate Tokenization in Virtual Assets Regulatory Framework


Real estate tokenization is set to be incorporated into Oman Capital Markets Authority (OCMA)"s virtual asset regulatory framework. According to an advisor with the authority, the tokenizing of real estate will open investment opportunities for local and foreign investors. Real ... read more.Fidelity Investments Launches Crypto, Metaverse ETFs — Says "We Continue to See Demand" Goldman Predicts US Recession Odds at 35% in 2 Years, John Mauldin Wouldn"t Be Surprised if Stocks Fell 40% Privacy-Centric Monero Plans for July Hard Fork, Plans Include Ring Signature, Bulletproof Upgrade Microbt Reveals Latest Bitcoin Mining Rigs — Machines Produce up to 126 TH/s With Custom 5nm Chip Design

News Feed

International Operation Disrupts Ransomware Group Netwalker by Tracing Cryptos With the Help of Blockchain Analysis
International Operation Disrupts Ransomware Group Netwalker by Tracing Cryptos With the Help of Blockchain Analysis In collaboration with Bulgarian authorities,
Crypto Custody Firm Fireblocks Launches Web3 Services Suite
Crypto Custody Firm Fireblocks Launches Web3 Services Suite Fireblocks, a crypto custody service provider, is expanding its services with the launch of an institutional suite of We
CoinEx: To Embrace a New Crypto Future by Making Crypto Trading Easier in the Next Five Years
CoinEx: To Embrace a New Crypto Future by Making Crypto Trading Easier in the Next Five Years press release PRESS RELEASE.In December 2022, CoinEx will celebrate its fifth birthday.
Data From October Shows Gold Reserves Held by Central Banks Tapped the Highest Level in 47 Years
Data From October Shows Gold Reserves Held by Central Banks Tapped the Highest Level in 47 Years Following the World Gold Council’s (WGC) third-quarter report that shows central
Bitcoin Buy-Side Pressure Surges: Taker Buy Volume Spikes Sharply
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Russian Bank Run Begins as Ruble Plunges to Record Low Amid Escalating Sanctions
Russian Bank Run Begins as Ruble Plunges to Record Low Amid Escalating Sanctions A bank run has started in Russia as citizens rush to withdraw cash amid escalating sanctions. The R
Rakesh Upadhyay6 hours agoPrice analysis 11/24: BTC, ETH, BNB, XRP, SOL, ADA, DOGE, TON, LINK, AVAXBitcoin has risen above $38,000, clearing the path for a rally higher. Will altcoins follow?2358 Total views5 Total share
Martin Young5 hours agoChainalysis axes another 15% of staff, citing difficult market conditionsThe Chainalysis workforce will be reduced by around 150 as the bear market bites deeper.1390 Total views4 Total sharesListen
Eurovision Song Contest 2022 Winners Release NFT for Ukraine Charity Auction
Eurovision Song Contest 2022 Winners Release NFT for Ukraine Charity Auction Kalush Orchestra, the winners of the Eurovision Song Contest 2022, are auctioning off an NFT for charit
‘The Only Way to Truly Scale Blockchains Is to Parallelize Processing’ Says Piers Ridyard
"The Only Way to Truly Scale Blockchains Is to Parallelize Processing" Says Piers Ridyard Despite being touted as the possible panacea, decentralized finance (defi) still faces obs
El Salvador Buys 21 More Bitcoins to Celebrate 21st Day, Year, Century
El Salvador Buys 21 More Bitcoins to Celebrate 21st Day, Year, Century El Salvador, the country which made bitcoin legal tender, has purchased 21 more bitcoins to celebrate “
Tom Blackstone2 hours agoConnext, Alchemix launch cross-chain token standard to reduce bridge exploit lossesThe two protocols will implement a standard for issuers to control the “canonical” minting of tokens, helpin