{"investigation":{"slug":"bitcoin-depot","entity_name":"Bitcoin Depot","trust_score":0,"severity_base":null,"score_modifier":-12,"confidence":0.88,"status":"draft","content_type":"investigation","summary":"Bitcoin Depot was once the largest operator of cryptocurrency ATMs in North America, running approximately 9,700 kiosks at peak. Facing enforcement actions from at least 11 state agencies, a voluntary information request from the SEC, an FTC inquiry, and lawsuits from the attorneys general of Massachusetts and Iowa alleging the company knowingly facilitated hundreds of millions of dollars in consumer fraud, Bitcoin Depot filed for Chapter 11 bankruptcy on May 18, 2026, and immediately took its entire kiosk network offline. This page focuses specifically on the fraud facilitation angle — the mechanisms by which the ATM network was allegedly used to funnel scam proceeds, the regulatory responses that followed, and the consumer harm caused both by third-party scammers and by the abrupt bankruptcy shutdown itself.","sections":[{"content":"Bitcoin Depot's kiosk network was used primarily in so-called 'payment direction' scams, in which fraudsters — impersonating government officials, technical support workers, or romantic partners — instruct victims to withdraw cash from their bank accounts and deposit it at a nearby cryptocurrency ATM. The ATM converts the cash to Bitcoin and transfers it to a wallet address provided by the scammer. Because Bitcoin transactions are pseudonymous and largely irreversible, recovery is rarely possible once funds leave the kiosk.\n\nThe Massachusetts Attorney General's February 2026 complaint alleged that Bitcoin Depot's own internal data showed that over 80% of transactions of $10,000 or more in Massachusetts between August 2023 and January 2025 were attributable to scam victims, and that nearly 60% of Bitcoin Depot's total Massachusetts revenue during that period was derived from scam-related transactions. A 2021 internal due diligence review cited in the complaint reportedly found that 90% of customers interviewed at the kiosks were fraud victims.\n\nEmployee warnings were allegedly ignored or reversed. According to the Massachusetts complaint, at least one employee warned company executives that the machines were 'facilitating money laundering at an extreme volume.' Rather than strengthening safeguards, the complaint alleges, Bitcoin Depot made existing compliance measures less effective — including removing or relaxing the requirement to ask customers questions before completing large transactions.\n\nThe company also allegedly approved transactions using obviously fictitious customer-provided names such as 'John Wick' and 'the Chosen One,' permitted customers to use multiple kiosks on the same day to circumvent individual-machine limits, and allowed transfers to foreign cryptocurrency exchanges that barred U.S. customers from their own platforms — a pattern consistent with scam fund-flow structures.","heading":"Fraud Facilitation Mechanism","sources":[{"url":"https://www.mass.gov/news/ag-campbell-sues-bitcoin-kiosk-operator-for-facilitating-crypto-scams-against-massachusetts-consumers","name":"AG Campbell Sues Bitcoin Kiosk Operator for Facilitating Crypto Scams Against Massachusetts Consumers","type":"regulatory","credibility":1},{"url":"https://www.icij.org/investigations/coin-laundry/massachusetts-sues-bitcoin-depot-alleging-the-crypto-atm-operator-knowingly-facilitated-crypto-scams/","name":"Massachusetts Sues Bitcoin Depot, Alleging the Crypto ATM Operator Knowingly Facilitated Crypto Scams — ICIJ","type":"news_article","credibility":2},{"url":"https://www.iowaattorneygeneral.gov/newsroom/attorney-general-bird-sues-crypto-atm-companies-for-costing-iowans-more-than-20-million","name":"Iowa Attorney General Sues Crypto ATM Companies for Costing Iowans More than $20 Million","type":"regulatory","credibility":1}],"severity":"critical"},{"content":"The FBI's Internet Crime Complaint Center received 13,460 fraud complaints involving cryptocurrency ATMs in 2025, with reported losses totaling approximately $388–389 million — a 58% increase over the prior year. Adults aged 60 and older accounted for approximately 66–86% of losses across published FBI and state-level data, making elderly Americans the primary demographic targeted through these machines.\n\nBitcoin Depot was not the only operator implicated in industry-wide ATM fraud, but as the largest U.S. operator by kiosk count, it featured prominently in multiple state enforcement actions. Iowa's investigation, which subpoenaed 14 crypto ATM companies in October 2023, found that hundreds of Iowans transferred more than $20 million through Bitcoin Depot and CoinFlip kiosks in under three years. At least 95% of those transactions were alleged to be fraudulent, according to the Iowa Attorney General's announcement.\n\nIn Maine, regulators found that 70% of Bitcoin Depot's Maine customers were elderly scam victims. Bitcoin Depot agreed to a $1.9 million settlement with Maine — without admitting wrongdoing — to compensate consumers defrauded between 2022 and 2025. The settlement required victims to file claims through the Maine Bureau of Consumer Credit Protection by April 1, 2026.\n\nWashington State's Department of Financial Institutions found that Bitcoin Depot charged customers up to 42% above market price for cryptocurrency, failed to provide required fee disclosures in over 30,000 transactions, and failed to implement Know Your Customer identity verification policies until customers had deposited over $100,000 cumulatively. The majority of scammed Washington State consumers were reported to be over age 60.\n\nFees charged by Bitcoin Depot across enforcement actions ranged from 15% to 30% per transaction, with some state regulators citing markups as high as 42% above spot price. The Massachusetts complaint characterized this fee structure as generating 'thousands of dollars' per large fraudulent transaction for the company while victims lost their principal to scammers.","heading":"Scale of Consumer Harm","sources":[{"url":"https://www.bleepingcomputer.com/news/security/fbi-americans-lost-over-388-million-to-scams-using-crypto-atms-in-2025/","name":"FBI: Americans Lost Over $388 Million to Scams Using Crypto ATMs in 2025 — BleepingComputer","type":"news_article","credibility":2},{"url":"https://dfi.wa.gov/news/press/washington-state-dfi-takes-action-against-bitcoin-depot-operating-llc","name":"Washington State DFI Takes Action Against Bitcoin Depot Operating, LLC","type":"regulatory","credibility":1},{"url":"https://wgme.com/news/i-team/maine-consumers-scammed-through-bitcoin-atms-could-get-refunds-under-19m-deal","name":"Maine Consumers Scammed Through Bitcoin ATMs Could Get Refunds Under $1.9M Deal — WGME","type":"news_article","credibility":2},{"url":"https://www.iowaattorneygeneral.gov/media/cms/Final_Bitcoin_Depot_Petition_Redact_4FC03C49F36FD.pdf","name":"Iowa AG Final Bitcoin Depot Petition (court filing PDF)","type":"court_filing","credibility":1},{"url":"https://www.techtimes.com/articles/323934/20260811/crypto-atms-extracted-389m-elderly-victims-2025-austrac-us-states-crack-down.htm","name":"Crypto ATMs Extracted $389M From Elderly Victims in 2025 as AUSTRAC, US States Crack Down — TechTimes","type":"news_article","credibility":2}],"severity":"critical"},{"content":"Bitcoin Depot faced enforcement proceedings or settlements from at least eleven state agencies, a voluntary information request from the U.S. Securities and Exchange Commission, and an inquiry from the Federal Trade Commission, all centered on alleged fraud facilitation and anti-money laundering (AML) compliance failures.\n\nConnecticut: The Connecticut Department of Banking summarily suspended Bitcoin Depot's money transmission license for alleged AML and Bank Secrecy Act violations, including charging fees above the state's statutory 15% cap on 1,015 transactions (collecting $150,426 in excess fees between October 2024 and July 2025), failing to collect government-issued identification, and allowing transaction limits to be exceeded. Seven Connecticut consumers were documented as losing between $2,000 and $28,800 each to scams facilitated through Bitcoin Depot kiosks. Proceedings to permanently revoke the license were pending at the time of the bankruptcy filing.\n\nWashington State: The DFI filed a Statement of Charges seeking license revocation, industry prohibition for both the company and its responsible individual (founder Brandon Mintz), and a $1.5 million fine. Alleged violations included charging up to 42% above market price, failing to disclose required fee information in more than 30,000 transactions, and neglecting KYC due diligence until customers had deposited over $100,000.\n\nMassachusetts: Attorney General Andrea Joy Campbell filed suit on February 3, 2026, alleging Bitcoin Depot knowingly facilitated more than $10 million in consumer fraud, removed fraud safeguards despite internal employee warnings, and misled investors by disclosing scam risk in general terms while omitting that scam-based transactions constituted a major revenue source.\n\nIowa: Attorney General Brenna Bird filed suit on February 26, 2025, alleging violations of the Iowa Consumer Fraud Act. The complaint alleged Bitcoin Depot extracted a 23% fee from scam transactions, failed to implement fraud-prevention safeguards despite knowledge that the vast majority of large transactions were fraudulent, and maintained a deceptive refund policy.\n\nMaine: Bitcoin Depot settled enforcement proceedings by agreeing to pay $1.9 million in restitution to consumers defrauded between 2022 and 2025. The settlement carried no admission of wrongdoing.\n\nNevada and Missouri: Nevada and Missouri settled or opened separate enforcement actions, with Nevada reaching settlement terms requiring compliance upgrades and fines. Missouri's attorney general opened an investigation into Bitcoin Depot and other crypto ATM operators.\n\nIndiana and Tennessee enacted outright statewide bans on cryptocurrency kiosks in March 2026 and July 2026, respectively — partially in response to documented fraud losses tied to the ATM industry broadly, including Bitcoin Depot.\n\nThe SEC's voluntary information request and FTC inquiry were disclosed by the company in regulatory filings but had not resulted in formal charges as of the bankruptcy filing date.","heading":"State and Federal Regulatory Actions","sources":[{"url":"https://hartfordbusiness.com/article/ct-dept-of-banking-suspends-bitcoin-depots-license-over-scam-losses-fee-violations/","name":"CT Dept. of Banking Suspends Bitcoin Depot's License Over Scam Losses, Fee Violations — Hartford Business Journal","type":"regulatory","credibility":1},{"url":"https://dfi.wa.gov/news/press/washington-state-dfi-takes-action-against-bitcoin-depot-operating-llc","name":"Washington State DFI Takes Action Against Bitcoin Depot Operating, LLC (official press release)","type":"regulatory","credibility":1},{"url":"https://www.mass.gov/news/ag-campbell-sues-bitcoin-kiosk-operator-for-facilitating-crypto-scams-against-massachusetts-consumers","name":"AG Campbell Sues Bitcoin Kiosk Operator for Facilitating Crypto Scams Against Massachusetts Consumers","type":"regulatory","credibility":1},{"url":"https://www.iowaattorneygeneral.gov/newsroom/attorney-general-bird-sues-crypto-atm-companies-for-costing-iowans-more-than-20-million","name":"Iowa Attorney General Sues Crypto ATM Companies for Costing Iowans More than $20 Million","type":"regulatory","credibility":1},{"url":"https://www.theblock.co/news/regulation/2026-04-24-tennessee-bans-crypto-atms-statewide-joining-indiana-fraud-crackdown-398800","name":"Tennessee Bans Crypto ATMs Statewide, Joining Indiana in Fraud Crackdown — The Block","type":"news_article","credibility":2},{"url":"https://cointelegraph.com/news/connecticut-bitcoin-depot-license-halt-stock-slide","name":"Bitcoin Depot Struggles With Regulatory Pressure and Weak 2026 Outlook — CoinTelegraph","type":"news_article","credibility":2}],"severity":"critical"},{"content":"Internal compliance failures alleged across multiple enforcement actions were accompanied by a rapid disintegration of Bitcoin Depot's executive team in the months before the bankruptcy filing.\n\nIn November 2025, founder Brandon Mintz transitioned from CEO to Executive Chairman, with Scott Buchanan appointed CEO effective January 1, 2026. On February 13, 2026, Chief Legal Officer Christopher Ryan and Chief Compliance Officer Philip Brown both resigned, with reports indicating they cited concerns about the company's compliance practices. Buchanan resigned as CEO and director effective March 23, 2026. Mintz subsequently stepped down as Executive Chairman. Bitcoin Depot appointed Tony Gagliardi as a replacement Chief Compliance Officer in April 2026 — weeks before the May bankruptcy filing.\n\nAcross enforcement actions, regulators documented a pattern of: failing to file Suspicious Activity Reports required under the Bank Secrecy Act; neglecting to verify customer identity for transactions below $100,000; allowing the same customer to use multiple kiosks on the same day to circumvent per-machine limits; failing to maintain required minimum net worth (Connecticut found compliance unverifiable for 2024–2025); and omitting legally required disclosures from customer receipts.\n\nThe Massachusetts complaint further alleged that Bitcoin Depot disclosed to investors that scam risk existed but 'omitted the fact that scam-based transactions were a major revenue generator' — a potential securities disclosure concern that contributed to the SEC's voluntary information request.\n\nBitcoin Depot disputed the core allegations, stating it had 'built our business around compliance and consumer protection' and noting it had announced mandatory identity verification for all transactions in late 2025. The KYC rollout, however, coincided with a 49.2% collapse in quarterly revenue in Q1 2026 versus Q1 2025 — approximately $80.7 million in lost revenue — suggesting that a substantial portion of the company's transaction volume had depended on the anonymity of low-verification kiosk use.","heading":"Internal Compliance Failures and Leadership Exodus","sources":[{"url":"https://finance.yahoo.com/markets/crypto/articles/bitcoin-depot-ceo-steps-down-160130002.html","name":"Bitcoin Depot CEO Steps Down Amid Crypto ATM Crackdown — Yahoo Finance","type":"news_article","credibility":2},{"url":"https://www.findlaw.com/legalblogs/consumer-protection/bitcoin-depot-files-for-bankruptcy-amid-claims-of-lax-atm-protections/","name":"Bitcoin Depot Files for Bankruptcy Amid Claims of Lax ATM Protections — FindLaw","type":"news_article","credibility":2},{"url":"https://ir.bitcoindepot.com/sec-filings/all-sec-filings/content/0001193125-26-121822/0001193125-26-121822.pdf","name":"Bitcoin Depot Inc. 8-K Filing (March 24, 2026 — CEO resignation disclosure)","type":"regulatory","credibility":1},{"url":"https://chapter11cases.com/blogs/news/bitcoin-depot-files-for-chapter-11-to-wind-down-and-sell-its-business","name":"Bitcoin Depot Files for Chapter 11 to Wind Down and Sell Its Business — Stretto","type":"news_article","credibility":2}],"severity":"high"},{"content":"Bitcoin Depot filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the Southern District of Texas on May 18, 2026, reporting $11.3 million in assets against $26.9 million in liabilities as of March 31, 2026. The company simultaneously took its entire fleet of approximately 9,700 kiosks offline.\n\nThe abrupt shutdown created a secondary layer of consumer harm distinct from the underlying scam facilitation: customers who had funds in transit or pending transactions at the moment of shutdown were unable to access those funds. Under Chapter 11 rules, such balances were frozen pending the liquidation process, with recovery timelines estimated at six to eighteen months.\n\nArkansas securities regulators specifically notified consumers that those who had used Bitcoin Depot services may be eligible to seek compensation through the bankruptcy proceedings. The White River Now reported in July 2026 that Arkansas consumers were still owed refunds and that the state had issued warnings about the bankruptcy claims process.\n\nA June 29, 2026 auction produced five separate buyers — Zulie Ventures, Bitcoin Bancorp, CalTel, Coin Connection, and Kalbas — who collectively acquired kiosks, intellectual property, and the BitAccess and ReadyBucks subsidiaries for approximately $1.4 million plus roughly $600,000 in assumed cure costs. The auction covered more than 2,600 of the approximately 9,700 kiosks, leaving the majority of the fleet without a buyer.\n\nThe $18.47 million arbitration award against Bitcoin Depot's subsidiary BitAccess, issued by a Canadian tribunal in October 2025 in favor of Cash Cloud (Coin Cloud), also contributed to the company's financial collapse by adding to a debt load that already included millions in accumulated legal fees from state enforcement proceedings.","heading":"Chapter 11 Bankruptcy and Kiosk Shutdown Impact","sources":[{"url":"https://www.crowdfundinsider.com/2026/05/280062-bitcoin-depot-initiates-chapter-11-bankruptcy-for-orderly-shutdown-and-asset-sale/","name":"Bitcoin Depot Initiates Chapter 11 Bankruptcy For Orderly Shutdown And Asset Sale — Crowdfund Insider","type":"news_article","credibility":2},{"url":"https://www.coindesk.com/markets/2026/05/18/bitcoin-depot-once-north-america-s-largest-bitcoin-atm-operator-files-for-bankruptcy","name":"Bitcoin Depot, Once North America's Largest Bitcoin ATM Operator, Files for Bankruptcy — CoinDesk","type":"news_article","credibility":2},{"url":"https://securities.arkansas.gov/bitcoin-depot-files-for-bankruptcy-arkansas-consumers-may-be-eligible-for-compensation/","name":"Bitcoin Depot Files for Bankruptcy, Arkansas Consumers May Be Eligible for Compensation — Arkansas Securities Department","type":"regulatory","credibility":1},{"url":"https://www.whiterivernow.com/2026/07/07/bitcoin-depot-bankruptcy-leaves-arkansans-owed-refunds-state-warns/","name":"Bitcoin Depot Bankruptcy Leaves Arkansans Owed Refunds, State Warns — White River Now","type":"news_article","credibility":2},{"url":"https://becausebitcoin.com/post/bitcoin-depot-bitaccess-18-47m-arbitration-nevada-bankruptcy-coin-cloud","name":"Bitcoin Depot's BitAccess Hit With $18.47M Arbitration Ruling — BecauseBitcoin","type":"news_article","credibility":2},{"url":"https://www.icij.org/investigations/coin-laundry/crypto-atm-operator-bitcoin-depot-files-for-bankruptcy/","name":"Crypto ATM Operator Bitcoin Depot Files for Bankruptcy — ICIJ","type":"news_article","credibility":2}],"severity":"critical"},{"content":"Bitcoin Depot's risk profile differs structurally from that of a cryptocurrency exchange. Exchanges primarily pose risks of insolvency, custody failures, or market manipulation affecting users who chose to store assets on the platform. Bitcoin Depot's risk profile was defined by its role as a cash-to-crypto conversion point targeted by social engineering fraudsters — a passive infrastructure risk rather than an active custody or investment risk.\n\nKey structural differences include:\n\nPhysical access points: Kiosks are located in convenience stores, gas stations, and supermarkets — environments that expose walk-in, often first-time, and often elderly users to ATM-adjacent fraud pressure. Scammers frequently instruct victims to go to a specific kiosk, removing the deliberation time that online platforms provide.\n\nIrreversibility at the physical layer: Once cash is deposited and Bitcoin is sent to a scammer-controlled wallet, there is no chargeback mechanism. Exchanges can freeze withdrawals or cooperate with law enforcement to trace funds; ATM transactions typically cannot.\n\nFee structure as a harm multiplier: Bitcoin Depot charged fees ranging from 15% to 42% above spot price per transaction, meaning victims lost a compounding amount to both the scammer (the principal) and the operator (the fee) in the same transaction.\n\nRegulatory arbitrage: Kiosk operators historically faced lighter KYC requirements than online exchanges under FinCEN rules, and Bitcoin Depot allegedly exploited this gap — conducting negligible identity verification until a customer's cumulative deposits crossed $100,000, according to Washington State's complaint.\n\nThe AARP and multiple state attorneys general have publicly characterized crypto ATMs as 'the payment portal of choice for scammers' precisely because of these structural features, which differ from the risks posed by exchange insolvency or smart contract exploits.","heading":"How This Differs from Typical Crypto Exchange Risk","sources":[{"url":"https://www.bostonglobe.com/2026/04/08/business/bitcoin-atm-aarp-crypto-scam/","name":"Bitcoin ATMs are Enabling Scams, Critics Say. The AARP Wants Them Gone. — Boston Globe","type":"news_article","credibility":2},{"url":"https://www.aarp.org/advocacy/crypto-atm-fraud-protections/","name":"How States Are Taking Aim at Combating Crypto ATM Fraud — AARP","type":"news_article","credibility":2},{"url":"https://dfi.wa.gov/news/press/washington-state-dfi-takes-action-against-bitcoin-depot-operating-llc","name":"Washington State DFI Takes Action Against Bitcoin Depot Operating, LLC","type":"regulatory","credibility":1}],"severity":"high"},{"content":"Separate from the fraud facilitation allegations, Bitcoin Depot suffered a data breach detected on June 23, 2024. An internal investigation concluded July 18, 2024, but public disclosure was delayed by approximately one year at the direction of law enforcement, who were conducting a parallel criminal investigation. Beginning July 8, 2025, Bitcoin Depot notified approximately 26,732 customers that their personal information had been exposed, including names, phone numbers, email addresses, dates of birth, physical addresses, and driver's license numbers.\n\nBecause the breach involved cryptocurrency accounts rather than traditional financial accounts, Bitcoin Depot did not offer recipients standard identity theft monitoring or credit protection services. The delayed disclosure and absence of standard protections prompted class action investigations by multiple plaintiff's firms. A separate hack disclosed around the same period involved theft of $3.6 million from Bitcoin Depot corporate wallets.\n\nThis data breach is relevant to the fraud facilitation context because compromised KYC data — including driver's license numbers — could potentially be used by third parties to construct synthetic identities for use at cryptocurrency kiosks.","heading":"Data Breach (2024, Disclosed July 2025)","sources":[{"url":"https://www.bleepingcomputer.com/news/security/bitcoin-depot-breach-exposes-data-of-nearly-27-000-crypto-users/","name":"Bitcoin Depot Breach Exposes Data of Nearly 27,000 Crypto Users — BleepingComputer","type":"news_article","credibility":2},{"url":"https://www.bitdefender.com/en-us/blog/hotforsecurity/bitcoin-depot-data-breach-exposes-personal-info-of-nearly-27-000-customers","name":"Bitcoin Depot Data Breach Exposes Personal Info of Nearly 27,000 Customers — Bitdefender","type":"news_article","credibility":2},{"url":"https://www.securityweek.com/3-6-million-stolen-in-bitcoin-depot-hack/","name":"$3.6 Million Stolen in Bitcoin Depot Hack — SecurityWeek","type":"news_article","credibility":2},{"url":"https://www.classaction.org/data-breach-lawsuits/bitcoin-depot-july-2025","name":"Bitcoin Depot Data Breach Lawsuit Investigation — ClassAction.org","type":"other","credibility":3}],"severity":"high"},{"content":"Bitcoin Depot consistently disputed the core fraud facilitation allegations. In response to the Massachusetts lawsuit, the company stated it had 'built our business around compliance and consumer protection' and announced mandatory identity verification for all transactions. The company argued that the fraud losses attributed to its kiosks were the result of third-party scammers defrauding victims, not of any company-directed wrongdoing, and that it was itself a victim of scammers who exploited its infrastructure.\n\nThe Maine settlement — $1.9 million in consumer restitution — was reached without any admission of wrongdoing or violation of law. No criminal charges had been filed against any Bitcoin Depot executive as of the bankruptcy filing date in May 2026. The lawsuits from Massachusetts and Iowa remained active civil proceedings, not adjudicated findings of liability, at the time of filing.\n\nThe company also pointed to compliance enhancements it claimed to have implemented, including a mandatory KYC rollout in October 2025. However, the revenue collapse that followed — 49.2% in a single quarter — and the subsequent bankruptcy suggest the business model was not viable once compliance measures were tightened to the levels regulators required.\n\nReaders should note that the allegations in the Massachusetts and Iowa lawsuits are civil accusations that have not been adjudicated. The Washington State DFI statement of charges and the Connecticut license suspension are regulatory findings, not criminal convictions. The Maine settlement carries an explicit no-admission-of-wrongdoing clause.","heading":"Company Response and Disputed Claims","sources":[{"url":"https://www.findlaw.com/legalblogs/consumer-protection/bitcoin-depot-files-for-bankruptcy-amid-claims-of-lax-atm-protections/","name":"Bitcoin Depot Files for Bankruptcy Amid Claims of Lax ATM Protections — FindLaw","type":"news_article","credibility":2},{"url":"https://abcnews.com/US/bitcoin-depot-top-crypto-kiosk-vendor-pay-2m/story?id=128951890","name":"Bitcoin Depot, a Top Crypto ATM Vendor, to Pay Nearly $2M to Compensate Fraud Victims — ABC News","type":"news_article","credibility":1},{"url":"https://www.icij.org/investigations/coin-laundry/massachusetts-sues-bitcoin-depot-alleging-the-crypto-atm-operator-knowingly-facilitated-crypto-scams/","name":"Massachusetts Sues Bitcoin Depot, Alleging the Crypto ATM Operator Knowingly Facilitated Crypto Scams — ICIJ","type":"news_article","credibility":2}],"severity":"medium"}],"timeline":[{"date":"2021-01-01","event":"Internal Bitcoin Depot due diligence review reportedly finds that 90% of customers interviewed at kiosks were fraud victims, according to the Massachusetts AG complaint.","source":"Massachusetts AG Complaint (via ICIJ reporting)","source_url":"https://www.icij.org/investigations/coin-laundry/massachusetts-sues-bitcoin-depot-alleging-the-crypto-atm-operator-knowingly-facilitated-crypto-scams/"},{"date":"2023-06-23","event":"Bitcoin Depot detects suspicious activity on its network, later determined to be a data breach exposing personal information of approximately 26,732 customers including driver's license numbers.","source":"BleepingComputer","source_url":"https://www.bleepingcomputer.com/news/security/bitcoin-depot-breach-exposes-data-of-nearly-27-000-crypto-users/"},{"date":"2023-10-01","event":"Iowa Attorney General launches investigation into cryptocurrency ATM companies, subpoenaing 14 operators including Bitcoin Depot.","source":"Iowa Attorney General Newsroom","source_url":"https://www.iowaattorneygeneral.gov/newsroom/attorney-general-bird-sues-crypto-atm-companies-for-costing-iowans-more-than-20-million"},{"date":"2025-02-26","event":"Iowa Attorney General Brenna Bird files suit against Bitcoin Depot in the Iowa District Court for Polk County, alleging violation of the Iowa Consumer Fraud Act and that hundreds of Iowans sent more than $20 million through Bitcoin Depot kiosks in scam-related transactions.","source":"Iowa Attorney General Newsroom","source_url":"https://www.iowaattorneygeneral.gov/newsroom/attorney-general-bird-sues-crypto-atm-companies-for-costing-iowans-more-than-20-million"},{"date":"2025-07-08","event":"Bitcoin Depot begins notifying approximately 26,732 customers of a data breach that occurred in June 2024, delayed by a law enforcement request during a parallel investigation.","source":"BleepingComputer","source_url":"https://www.bleepingcomputer.com/news/security/bitcoin-depot-breach-exposes-data-of-nearly-27-000-crypto-users/"},{"date":"2025-10-01","event":"Bitcoin Depot implements mandatory Know Your Customer (KYC) identity verification for all transactions. Quarterly revenue subsequently falls 49.2% year-over-year in Q1 2026.","source":"Bitcoin Depot Chapter 11 case reporting — elevenflo.com","source_url":"https://elevenflo.com/blog/bitcoin-depot-chapter-11-liquidation"},{"date":"2025-10-01","event":"Canadian Arbitration Association issues $18.47 million award against Bitcoin Depot subsidiary BitAccess in favor of Cash Cloud, following hearings spanning December 2024 through October 2025.","source":"BecauseBitcoin","source_url":"https://becausebitcoin.com/post/bitcoin-depot-bitaccess-18-47m-arbitration-nevada-bankruptcy-coin-cloud"},{"date":"2025-11-01","event":"Brandon Mintz steps down as CEO; Scott Buchanan appointed CEO effective January 1, 2026. Mintz transitions to Executive Chairman role.","source":"Yahoo Finance","source_url":"https://finance.yahoo.com/markets/crypto/articles/bitcoin-depot-ceo-steps-down-160130002.html"},{"date":"2026-02-03","event":"Massachusetts Attorney General Andrea Joy Campbell files suit against Bitcoin Depot Inc. and Bitcoin Depot Operating LLC, alleging the company knowingly facilitated more than $10 million in crypto scams against Massachusetts consumers and removed fraud safeguards despite internal employee warnings.","source":"Massachusetts Attorney General official press release","source_url":"https://www.mass.gov/news/ag-campbell-sues-bitcoin-kiosk-operator-for-facilitating-crypto-scams-against-massachusetts-consumers"},{"date":"2026-02-13","event":"Chief Legal Officer Christopher Ryan and Chief Compliance Officer Philip Brown both resign from Bitcoin Depot, reportedly citing compliance concerns.","source":"Yahoo Finance / SEC 8-K filing","source_url":"https://finance.yahoo.com/markets/crypto/articles/bitcoin-depot-ceo-steps-down-160130002.html"},{"date":"2026-03-01","event":"Indiana becomes the first U.S. state to enact a blanket statewide ban on cryptocurrency ATM kiosks.","source":"The Block","source_url":"https://www.theblock.co/news/regulation/2026-04-24-tennessee-bans-crypto-atms-statewide-joining-indiana-fraud-crackdown-398800"},{"date":"2026-03-23","event":"CEO Scott Buchanan resigns. Brandon Mintz also steps down as Executive Chairman. Bitcoin Depot enters a period without a permanent CEO.","source":"SEC 8-K filing (March 24, 2026)","source_url":"https://ir.bitcoindepot.com/sec-filings/all-sec-filings/content/0001193125-26-121822/0001193125-26-121822.pdf"},{"date":"2026-04-01","event":"Deadline for Maine consumers to file claims under the $1.9 million Bitcoin Depot settlement covering victims defrauded between 2022 and 2025.","source":"WGME I-Team","source_url":"https://wgme.com/news/i-team/maine-consumers-scammed-through-bitcoin-atms-could-get-refunds-under-19m-deal"},{"date":"2026-04-08","event":"Bitcoin Depot appoints Tony Gagliardi as Chief Compliance Officer, its third compliance leadership appointment in months.","source":"GlobeNewswire","source_url":"https://www.globenewswire.com/news-release/2026/04/13/3272434/0/en/bitcoin-depot-appoints-new-compliance-officer-tony-gagliardi.html"},{"date":"2026-04-24","event":"Tennessee becomes the second U.S. state to pass a blanket ban on cryptocurrency ATMs, effective July 1, 2026.","source":"The Block","source_url":"https://www.theblock.co/news/regulation/2026-04-24-tennessee-bans-crypto-atms-statewide-joining-indiana-fraud-crackdown-398800"},{"date":"2026-05-18","event":"Bitcoin Depot files for Chapter 11 bankruptcy in the U.S. Bankruptcy Court for the Southern District of Texas, reporting $11.3 million in assets and $26.9 million in liabilities. The company simultaneously takes its entire fleet of approximately 9,700 kiosks offline.","source":"CoinDesk","source_url":"https://www.coindesk.com/markets/2026/05/18/bitcoin-depot-once-north-america-s-largest-bitcoin-atm-operator-files-for-bankruptcy"},{"date":"2026-06-29","event":"Bankruptcy court auction results in five buyers acquiring approximately 2,600 of the 9,700 kiosks, along with intellectual property and subsidiaries BitAccess and ReadyBucks, for approximately $1.4 million plus $600,000 in cure costs.","source":"Bitcoin Depot Chapter 11 reporting — Stretto","source_url":"https://chapter11cases.com/blogs/news/bitcoin-depot-files-for-chapter-11-to-wind-down-and-sell-its-business"}],"sources_used":[{"url":"https://www.mass.gov/news/ag-campbell-sues-bitcoin-kiosk-operator-for-facilitating-crypto-scams-against-massachusetts-consumers","name":"AG Campbell Sues Bitcoin Kiosk Operator for Facilitating Crypto Scams Against Massachusetts 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