BitcoinDepot
Summary
Bitcoin Depot was once the largest Bitcoin ATM operator in North America, operating more than 9,000 kiosks before filing for Chapter 11 bankruptcy on May 18, 2026. The company faces lawsuits from the attorneys general of Iowa and Massachusetts alleging it knowingly facilitated crypto scams, with one state finding that more than 80% of high-value transactions at its kiosks were linked to fraud. Multiple data breaches, a $3.6 million wallet theft, regulatory enforcement in California, and on-chain evidence flagged by ZachXBT further document systemic compliance and security failures.
Connected Entities
1 entities- + 3 more
Timeline(13 events)
2023-10-01
Iowa Attorney General's office launches investigation into cryptocurrency ATM companies, subpoenaing 14 operators including Bitcoin Depot.
Iowa AG Newsroom2024-06-23
Bitcoin Depot customer data breach occurs, exposing personal information of approximately 26,732 individuals including names, addresses, email addresses, dates of birth, and driver's license numbers.
BleepingComputer2024-07-18
Bitcoin Depot completes internal investigation of the June 2024 data breach but delays customer notification citing a pending federal law enforcement inquiry.
The Record2024-09-01
FTC publishes data showing Bitcoin ATM fraud losses exceeded $65 million in H1 2024 alone, with adults over 60 accounting for more than two-thirds of all dollars lost.
FTC Press Release2025-02-26
Iowa Attorney General Brenna Bird files suit against Bitcoin Depot alleging violations of the Iowa Consumer Fraud Act, citing more than $20 million transferred by hundreds of scam victims through its kiosks over roughly three years.
Iowa AG Newsroom2025-07-01
Bitcoin Depot notifies approximately 26,732 customers of the June 2024 data breach, more than a year after the incident occurred.
The Record2025-08-01
FinCEN issues guidance specifically addressing regulatory risks associated with cryptocurrency ATM kiosks.
Money Laundering Watch2026-02-03
Massachusetts Attorney General Andrea Joy Campbell files suit against Bitcoin Depot in Suffolk County Superior Court, alleging the company knowingly facilitated crypto scams and that more than 80% of high-value kiosk transactions in Massachusetts were scam-related.
Mass.gov2026-03-20
Attackers begin unauthorized access to Bitcoin Depot's digital asset settlement accounts; approximately 50.903 BTC ($3.6-3.7 million) is stolen over several days before detection on March 23.
SecurityWeek2026-04-09
Bitcoin Depot publicly discloses the March 2026 wallet theft of 50.903 BTC. ZachXBT alleges the actual scope may be larger and flags routing through KuCoin addresses.
Coin Edition2026-05-12
Bitcoin Depot SEC disclosure shows Q1 2026 revenue fell 49.2% year-over-year; gross profit collapsed 85.5% to $4.5 million.
CoinDesk2026-05-18
Bitcoin Depot files for Chapter 11 bankruptcy in U.S. Bankruptcy Court for the Southern District of Texas and immediately shuts down its entire network of more than 9,000 kiosks.
BloombergResearch Gaps
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Decision Log
- hash: BdjsgeeJmUy1kNzynhSzAMvmxw2mqrXHEFxW12SjFvMZ
This investigation is cryptographically anchored to the Solana blockchain and source URLs are archived via the Internet Archive.
model: claude-sonnet
generated: 5/4/2026, 4:05:06 PM
last updated: 5/26/2026, 4:11:17 AM
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