Genesis-backed Coin Cloud files for bankruptcy on its ATM network


The company is the latest cryptocurrency firm to collapse.

Cover art/illustration via CryptoSlate

Cryptocurrency ATM company Coin Cloud has filed for bankruptcy, according to a document submitted to Nevada’s bankruptcy court on Feb. 7.

Coin Cloud has up to 10,000 creditors, according to the filing. It also has $50 million to $100 million in assets and $100 million to $500 million in liabilities.

How To Get Free Crypto  

Notably, Coin Cloud owes up to $116 million to Genesis Global Capital, which is by far its largest creditor. All but three other creditors have claims under $1 million.

Genesis itself filed for bankruptcy for its lending division on Jan. 19. Though is unclear how that event affected Coin Cloud, a Bloomberg report from November suggested that Coin Cloud was seeking additional capital from Genesis in negotiations that may have continued until a later date — possibly until either firm’s bankruptcy filing this year.

Other reports suggest that a variety of factors were at play. The Wall Street Journal noted today that Coin Cloud’s decision to grow its ATM network was hampered by the purchase of allegedly defective ATMs. The firm is also in dispute with its former chief marketing officer, who allegedly misrepresented his credentials and overspent his budget by $20 million. The harsh crypto market seemingly affected the firm’s finances as well.

Coin Cloud apparently saw growth in recent years, as it more than tripled its revenue to $303 million between 2019 and 2021. The company saw nevertheless losses of $40 million over the first three quarters of 2022, leading to its bankruptcy filing this week.

Coinbase Banner  

The company says its ATM network has about 5,000 locations. It is unclear if those ATMs are currently operational or if transactions have been suspended.

Posted In: Bankruptcy, Bear Market
Latest Report

Is the crypto bottom in? On-chain says yes, macro says pain occurs after the fed pause

Is Bitcoin poised for a new low or has the bottom been set at $15,500? CryptoSlate analyzed on-chain and macro data to present both sides of the argument.

Andjela Radmilac · 5 days ago

FTX creditors include Google, Meta, Circle, Genesis, govt. agencies

Roger Ver says he can afford to pay Genesis $20M but insolvency changes agreement

Go to Source
Author: Mike Dalton

Recommended Crypto Services, Products and Strategies:

The first thing any crypto investor needs is is a reliable and secure Crypto Wallet.  Whether you’re looking for an online wallet, hardware wallet, desktop or mobile wallet, Crypto Renegade provides you with all the Best Crypto Wallets in each category.

FreeBitcoin Banner  

Best Crypto Wallets Banner

When you’re ready to buy more crypto, or exchange your coins for others, Crypto Renegade’s list of the Best Crypto Exchanges has you covered.  The Crypto Exchanges recommended here offer everything from simplicity and convenience to advanced trading platforms and profit sharing. 

Best Crypto Exchanges Banner

If you want to learn more about the methods and tools that can be used to find Great Crypto Projects, then be sure to check out Crypto Renegade’s strategy for How To Find The Best Cryptocurrency.

Crypto Strategy Banner

For those people that don’t have any money to invest right now, or just want to understand the technology a bit more, you’ll definitely want to check out Crypto Renegade’s Free Crypto Strategy and start collecting Free Coins today!

Free Crypto Banner

What do you think about cryptocurrency? Do you have any questions about it? Be sure to leave a comment below.

This site uses Akismet to reduce spam. Learn how your comment data is processed.