Something that’s been circulating quite a bit lately and that really needs to be taken seriously. Zachary Wolk, this blockchain researcher known as ZachXBT, has just sounded the alarm on Bitcoin Depot, one of the largest crypto ATM operators in the United States. And honestly, his revelations are pretty crazy.

So here’s the problem: Bitcoin Depot manages over 9,000 ATMs supposed to allow people to easily withdraw Bitcoin. Except ZachXBT discovered that the platform literally helps scammers fleece people. He documented a case where an elderly person was robbed of $25,000 in Bitcoin by phone scammers based in India. And the worst part? The Bitcoin Depot ATM offered Bitcoin at $108,000 each, while the market price was $75,000. We’re talking about a completely insane markup.

Zachary Wolk even dug deeper with his blockchain analysis. He found that victims paid $25,000 for 0.232 Bitcoin, while the actual value was just $17,500. It’s pure theft, and Bitcoin Depot isn’t doing anything to stop it. The platform’s anti-fraud measures are so weak that phone scammers are directly targeting vulnerable people.

And it gets even worse. Zachary Wolk’s crypto investigation showed that Bitcoin Depot was lying in its statements. The company claimed that suspicious withdrawals started on a certain date, but in reality, it was three days earlier. ZachXBT also identified 54.45 Bitcoin stolen across 19 different addresses, far more than the 50.903 Bitcoin Bitcoin Depot initially disclosed. He even submitted a full investigative report to the SEC.

What really worries me is that this is just the tip of the iceberg. According to the FBI IC3 2024 report, scammers stole $246.7 million through crypto ATMs last year. And it’s getting worse: projections for 2025 exceed $333 million. These under-regulated crypto ATMs have become a real headache for users.

So it’s no surprise that the number of Bitcoin ATMs in the U.S. dropped by nearly 2% in the first quarter of 2026, down to about 30,229 units. People are starting to realize it’s not safe.

Zachary Wolk’s message is clear: avoid Bitcoin Depot. And more broadly, be ultra-vigilant with these ATMs. If you really want to use these services, always check market prices before doing anything. Scammers specifically target the elderly and those who aren’t well-versed in the crypto market. It’s a systemic problem that calls for real regulation.