Cash Cloud, a cryptocurrency ATM operator in the United States and Brazil, just filed for Chapter 11 bankruptcy in the US Bankruptcy Court for the District of Nevada.
Chris McAlary, CEO and president of Coin Cloud, has said:
"We are announcing today that our company has filed for Chapter 11 reorganization. This decision will allow us to rework our debt, protect the interests of our creditors, and emerge as a stronger, more financially stable company."
He has said he is still "optimistic about the future of the cryptocurrency industry and our role in building it."
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According to the bankruptcy filing, the company's liabilities amount to between $100 million and $500 million, it has between 5,001 and 10,000 creditors and assets stand at between $50 million and $100 million.
The firm's largest creditor is Genesis Global Capital, a subsidiary of Digital Currency Group's bankruptcy lending division. The firm has an unsecured claim of more than $108 million from Genesis.