Maine regulators reach $1.9 million settlement with Bitcoin Depot as 2024 crypto ATM scam losses surge

OnChainDetective · 2026-01-06T14:40:11+00:00

Maine regulators reach a $1.9 million settlement with Bitcoin Depot, compensating consumers harmed by third-party scams and granting them a legitimate operating license. In 2024, scam losses related to crypto ATMs reached $246 million, with most victims being seniors over 60, highlighting safety risks and lack of reliability in the sector.

OnChainDetective

2026-01-06 14:40:11

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【Crypto World】The Maine regulatory agency and cryptocurrency ATM operator Bitcoin Depot recently finalized a $1.9 million settlement. The funds will be used to compensate consumers who suffered losses due to third-party scams.

The entire investigation took two years before reaching a conclusion. Notably, this agreement not only resolves previous disputes but also officially grants Bitcoin Depot a legal operating license in Maine.

Why is this so attention-grabbing? Just look at the latest FBI data—In 2024, scam losses related to crypto ATMs in the US reached $246 million, nearly doubling from the previous year, with a growth rate of 99%. Even more concerning, 43% of the victims are seniors over 60 years old.

Scam tactics are quite routine: scammers persuade victims to exchange cash for cryptocurrency, then transfer the coins to their accounts. Once transferred, it’s almost impossible to recover. The reason this scam method remains popular is mainly because many people lack understanding of how cryptocurrencies work, and older users are more likely to be targeted.

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HackerWhoCares

· 13h ago

1.9 million? How many seniors can that amount of money compensate... Is a scam loss of 246 million just like that?

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WhaleWatcher

· 17h ago

1.9 million settlement... This fine is nothing to stop the subsequent scams.

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MetaNeighbor

· 01-07 00:02

1.9 million USD just to settle? This time, the elderly got cut pretty badly.

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OPsychology

· 01-06 15:09

Old scams in the crypto world with new tricks, this time someone finally takes the fall

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RugPullAlarm

· 01-06 15:09

Is a $1.9 million settlement enough? Check on-chain to see where this funds went. Compensation alone can't cover the 246 million hole. Where's the promised risk control?

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GhostAddressMiner

· 01-06 15:07

1.9 million settlement? Interesting, the on-chain footprint has long been fixed, and I can track which wallet this money flows to... The real suspicion behind the 246 million scam loss is when those dormant addresses started to become active. Early coin holders probably have an idea.

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fren_with_benefits

· 01-06 15:06

Damn, over 200 million in scam losses... This is just too outrageous.

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