Coin Cloud, the world’s second largest Bitcoin and cryptocurrency ATM operator based in Las Vegas, USA, has filed for bankruptcy protection.
Coin Cloud, which has around 5,000 Bitcoin ATMs in the US and Brazil, has filed for Chapter 11 bankruptcy protection in the US Bankruptcy Court for the District of Nevada. According to the filing dated Feb. $100 million to $500 million obligation between 5,000 to 10,000 between the creditor and $50 million to $100 million has assets among them. Also, Coin Cloud, one of its largest creditors, has filed for bankruptcy. Genesis‘to Over $100 million in debt has been reported.
CEO of Coin Cloud Chris McAlary In a statement on the subject, he described this decision as a step taken to protect the future of creditors and the company:
Today we are announcing that our company has applied for a restructuring for Chapter 11. This decision will allow us to reorganize our debt, protect the interests of our creditors, and emerge as a stronger, more financially stable company.
According to the latest reports published by Coin Cloud, the company More than 5,000 ATMsIt was stated that he had In a blog post shared in 2022, the company“hypergrowth” Although it reported that it was in the process of being in the process, it succumbed to the bear market.