Iowa Attorney General Brenna Bird has taken action against two cryptocurrency ATM companies, Bitcoin Depot and CoinFlip, by filing lawsuits in Polk County District Court.
These companies are accused of costing Iowans a staggering $20 million. The investigation, which started in October 2023, revealed that many victims, especially older individuals, were targeted by scammers who used crypto ATMs.
The majority of scam victims were over the age of 60, with 98% of transactions through Bitcoin Depot being identified as fraudulent.
Attorney General Bird highlighted the role these crypto ATM companies play in enabling scams, taking a cut of the profits from transactions.
She is committed to recovering the lost funds for Iowans and pushing for significant changes within the crypto ATM industry. The investigation remains ongoing.