Bitcoin Depot, a top crypto ATM vendor, to pay nearly $2M to compensate fraud victims
One of the country's top cryptocurrency kiosk vendors has agreed to pay the state of Maine nearly $2 million as part of a settlement to compensate victims of fraud, the state announced on Monday.
Bitcoin Depot, which operates more than 25,000 bitcoin ATMs across the country, will pay the state $1.9 million, which represents money "taken by third-party scammers who defrauded Maine consumers through their kiosks."
Victims of fraud perpetrated using Bitcoin Depot kiosks may apply for compensation from the state. As part of the settlement, Bitcoin Depot admits to no wrongdoing or violation of state or federal laws.
Bitcoin ATMs, which allow users to insert cash and send it to a digital wallet anywhere in the world in only a few minutes, have emerged as scammers' top go-to method for separating Americans from their cash, according to experts.
In a typical scam, fraudsters will convince their victims that they must make a payment or safeguard their cash by inserting it in a bitcoin ATM. Once the transaction is executed, experts say, the money can be nearly impossible to recover -- making it an attractive method for prospective scammers.
In 2025, Americans lost more than $333 million to bitcoin ATM scams, the FBI recently told ABC News, representing a dramatic uptick from prior years.
Maine has taken some of the nation's most aggressive steps in limiting the proliferation of scams using bitcoin ATMs, including establishing daily deposit limits and capping transaction fees.
A spokesperson for Bitcoin Depot, which currently faces a separate lawsuit in Iowa, did not immediately respond to a request for comment from ABC News.
