Bitcoin Depot files bankruptcy, will sell assets under court supervision
NewsBytes | May 19, 2026 7:39 AM CST
Iowa and Massachusetts sue Bitcoin Depot
Bitcoin Depot faced lawsuits from Massachusetts and Iowa, accusing it of helping scammers steal over $10 million from locals, especially after the company reportedly removed safeguards on big transactions.
The FBI logged more than 13,000 crypto ATM scam complaints last year alone.
With several states banning or tightening rules on crypto kiosks and a nearly 50% revenue drop in early 2026, Bitcoin Depot's business couldn't survive.
Before shutting down, it ran over 9,200 kiosks across the US Canada, and Australia.
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