Bitcoin Depot
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anchored·2MV9uT…HHRESummary
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.
Connected Entities
1 entities- + 16 more
Timeline(17 events)
1 January 2021
Internal Bitcoin Depot due diligence review reportedly finds that 90% of customers interviewed at kiosks were fraud victims, according to the Massachusetts AG complaint.
Massachusetts AG Complaint (via ICIJ reporting)23 June 2023
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.
BleepingComputer1 October 2023
Iowa Attorney General launches investigation into cryptocurrency ATM companies, subpoenaing 14 operators including Bitcoin Depot.
Iowa Attorney General Newsroom26 February 2025
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.
Iowa Attorney General Newsroom8 July 2025
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.
BleepingComputer1 October 2025
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.
Bitcoin Depot Chapter 11 case reporting — elevenflo.com1 October 2025
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.
BecauseBitcoin1 November 2025
Brandon Mintz steps down as CEO; Scott Buchanan appointed CEO effective January 1, 2026. Mintz transitions to Executive Chairman role.
Yahoo Finance3 February 2026
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.
Massachusetts Attorney General official press release13 February 2026
Chief Legal Officer Christopher Ryan and Chief Compliance Officer Philip Brown both resign from Bitcoin Depot, reportedly citing compliance concerns.
Yahoo Finance / SEC 8-K filing1 March 2026
Indiana becomes the first U.S. state to enact a blanket statewide ban on cryptocurrency ATM kiosks.
The Block23 March 2026
CEO Scott Buchanan resigns. Brandon Mintz also steps down as Executive Chairman. Bitcoin Depot enters a period without a permanent CEO.
SEC 8-K filing (March 24, 2026)1 April 2026
Deadline for Maine consumers to file claims under the $1.9 million Bitcoin Depot settlement covering victims defrauded between 2022 and 2025.
WGME I-Team8 April 2026
Bitcoin Depot appoints Tony Gagliardi as Chief Compliance Officer, its third compliance leadership appointment in months.
GlobeNewswire24 April 2026
Tennessee becomes the second U.S. state to pass a blanket ban on cryptocurrency ATMs, effective July 1, 2026.
The Block18 May 2026
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.
CoinDesk29 June 2026
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.
Bitcoin Depot Chapter 11 reporting — StrettoDecision Log
- hash: BivpCsdNpxQA8MEGr1mVQCiLd2yMDfZS1R23ts4L6EPW
- hash: 5oYRDmC3DbLxM8DSrjkU8DQE3tXz2Xz5bTYjQBP9xsaS
- hash: 8ioxJbGyTkAh93PCGq8iNzB3y486r6tYaSZeQnX5L2cQ
This investigation is cryptographically anchored to the Solana blockchain (3 events). 26 of 29 cited source URLs have an Internet Archive snapshot.
model: claude-sonnet-4-6
generated: 9/1/2026, 12:09:53 PM
last updated: 9/2/2026, 3:20:14 AM
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