Coin Cloud was provided an unsecured loan of $100 million from Genesis Global Trading.
Feb 8, 2023 at 10:09 p.m.
Updated Feb 8, 2023, at 10:32 p.m.
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Coin Cloud, which operates more than 4,000 bitcoin ATMs across the U.S. and Brazil, has filed for bankruptcy protection with estimated liabilities of between $100 million and $500 million.
The Las Vegas-based firm has assets of between $50 million and $100 million and as many as 10,000 creditors, according to a filing in the U.S. Bankruptcy Court for the District of Nevada dated Feb. 7.
The company’s largest creditor is Genesis Global Trading, which has an unsecured loan of just over $100 million. Genesis is a subsidiary of Digital Currency Group, which is also the parent company of CoinDesk. Genesis also discussed injecting equity into the ATM operator, Bloomberg reported in November.
Coin Cloud hired legendary filmmaker Spike Lee to direct a commercial for it in 2021.
Read more: Bankrupt Lender Genesis and Parent DCG Reach Initial Agreement With Main Creditors: Source
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The leader in news and information on cryptocurrency, digital assets, and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase the stock outright in DCG.
Jamie Crawley is a CoinDesk news reporter based in London.
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