Bitcoin ATM operator Coin Cloud files for bankruptcy

Coin Cloud, which operates more than 4,000 Bitcoin ATMs in the United States and Brazil, filed for bankruptcy.

The Las Vegas-based company’s obligations to roughly 10,000 counterparties are estimated at $100–$500 million.

The largest creditor is Genesis Global Trading, which provided an unsecured loan of $100 million. The Digital Currency Group unit was considering investing in the ATM operator in the fall, according to Bloomberg.

In 2021, Coin Cloud hired the legendary film director Spike Lee to create a promotional video.

In the second half of 2022, the pace of Bitcoin ATM installations worldwide plunged.

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