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Coin Cloud operator files for bankruptcy
February 15, 2023
Cash Cloud, the operator of Coin Cloud cryptocurrency ATMs, has officially filed for Chapter 11 bankruptcy in the U.S. Bankruptcy Court for the District of Nevada.
The company is in debt for an amount between $100 million and $500 million, with Genesis Global Capital holding $108 million of the debt, according to a report by Coin Telegraph.
"We are announcing today that our company has filed for Chapter 11 reorganization," Chris McAlary, founder, CEO and president, Coin Cloud, said in the report. "This decision will allow us to rework our debt, protect the interests of our creditors, and emerge as a stronger, more financially stable company."
Coin Cloud claims to have more than 5,000 ATMs and has been active since 2014. Bitcoin ATM operators have faced increasing competition from traditional ATMs which have begun integrating cryptocurrency.
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