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. 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. (cryptoslate)
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