Bitcoin Depot faced accusations its kiosks were helping to facilitate scams and saw revenue crater amid increased scrutiny.
A Bitcoin Depot ATM is shown at a Citgo Gas Station on Holcomb Bridge Road in Norcross in February 2020. (Hyosub Shin/AJC 2020)
Bitcoin Depot, a Sandy Springs-based company with cryptocurrency ATMs scattered across North America, filed for bankruptcy protection this week as it faced scrutiny from states over allegations its kiosks facilitated scams.
The company was in the vanguard of operating bitcoin teller machines, or BTMs, often inside convenience stores, touting its ability to bring people outside the mainstream of the financial system into the world of digital payments.
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What is Bitcoin Depot?
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A Bitcoin Depot ATM is shown at a Citgo Gas Station in Norcross in 2020. (Hyosub Shin/AJC 2020)
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Crypto ATM scams
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Mirtha Donastorg is a reporter on The Atlanta Journal-Constitution’s business team focusing on Black wealth, entrepreneurship, and minority-owned businesses as well as innovation at Atlanta’s HBCUs.