"Attorney General Bird Sues Crypto ATM Companies for Costing Iowans More than $20 Million"
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Attorney General Bird Sues Crypto ATM Companies for Costing Iowans More than $20 Million | Newsroom | Iowa Attorney General Close For Consumers File a Consumer Complaint Crypto ATM Law Security Breach Notifications Consumer Tips & Information For Older Iowans For Veterans and Service Members Office of Consumer Advocate (Utilities) Iowa One Call Law For Crime Victims Crime Victim Compensation Sexual Assault Resources Training and Outreach Iowa Victim Information & Notification Everyday (IowaVINE) and Iowa VINE Protective Order Identity Theft Passport Program Grants Publications Crime Victim Assistance Links Contact Victim Assistance Request for Additional Materials Iowa Cold Case For Businesses Iowa Consumer Credit Code (ICCC) Charities, Nonprofits & Fundraising Membership Campgrounds Newsroom Contact Us What we do For Consumers File a Consumer Complaint Crypto ATM Law Security Breach Notifications Consumer Tips & Information For Older Iowans Reporting & Preventing Elder Abuse For Veterans and Service Members Office of Consumer Advocate (Utilities) About Consumer Advocate Lanny Zieman Iowa One Call Law One Call Complaints & Enforcement Enforcement Iowa One Call Links For Crime Victims Crime Victim Compensation Crime Victim Compensation Facts Online Crime Victim Compensation Application Printable Crime Victim Compensation Applications Sexual Assault Resources Sexual Assault Examination Payment Victim and Survivor Resources Medical and Qualified Providers Training and Outreach Training and Learning Opportunities Fighting Human Trafficking Iowa Victim Information & Notification Everyday (IowaVINE) and Iowa VINE Protective Order Identity Theft Passport Program Grants Victim Assistance Grant Manual Apply to be a Peer Reviewer for Competitive Grant Applications Current Funding Opportunities Current Funded Programs Performance Reports for Funded Programs Publications Crime Victim Assistance Links Contact Victim Assistance Request for Additional Materials Iowa Cold Case Cold Case Tip Form For Businesses Iowa Consumer Credit Code (ICCC) Creditor/Assignee Notification Debt Collector Notification Model Student Loan Disclosure Iowa Consumer Credit Code (ICCC) Informal Advisory Opinions FAQ for Debt Collectors and Creditors/Assignees Charities, Nonprofits & Fundraising Charitable Trust Registration Professional Fundraisers Organizing a Non-Profit Membership Campgrounds Newsroom Contact Us What we do Attorney General Bird Sues Crypto ATM Companies for Costing Iowans More than $20 Million Home › News Releases › Attorney General Bird Sues Crypto ATM Companies for Costing Iowans More than $20 Million › February 26, 2025 DES MOINES—Iowa Attorney General Brenna Bird today announced lawsuits against Bitcoin Depot and CoinFlip, Iowa’s two largest cryptocurrency ATM operators, over their failures that allowed Iowans to transfer millions of dollars to scammers through their kiosks. The announcement was made during a press conference at the Iowa Bankers Association in Johnston. Speakers at the press conference included: Brenna Bird, Iowa Attorney General Daniel Barnes, Deputy Attorney General for Consumer Protection Adam Gregg, President and CEO of the Iowa Bankers Association Loree, Cryptocurrency ATM scam survivor Charles Webster, Detective with the Ankeny Police Department In October 2023, the Iowa Attorney General’s office launched a first-of-its-kind investigation into cryptocurrency ATM companies. The office subpoenaed 14 total crypto ATM companies for a list of Iowans who had sent money through their kiosks. The office then contacted those Iowans by phone and email. It also investigated complaints, police reports, and self-reported scams. The investigation revealed that hundreds of Iowans sent more than $20 million through Bitcoin Depot and CoinFlip ATMs in a less than 3-year period. The majority of scam victims were over the age of 60. “Con artists are evil and will stop at nothing to steal everything you have,” said Attorney General Bird. “We already know that they target older Iowans, but now it seems that they even hunt through obituaries to target widows. They convince these older women that they need help, and then send their victims to crypto ATMs. And the crypto ATM companies take a cut of the profits. It’s not just wrong, it’s illegal. I’m fighting to get Iowans their money back and force the crypto ATM companies to make big changes. No Iowan should get ripped off like this.” The investigation also exposed how cryptocurrency ATMs profit off of Iowans getting scammed. Bitcoin Depot takes a 23% cut of the money Iowans send through the machines, and CoinFlip claims 21%. The lawsuits allege that both Bitcoin Depot and CoinFlip profit directly from Iowa scam victims by imposing excessive, and often hidden, transaction fees. It also alleges that Bitcoin Depot deceives Iowans about its refund policy. Attorney General Bird is suing both companies for violating the Iowa Consumer Fraud Act. The investigation into crypto ATM companies is ongoing. If you or someone you know has been targeted by a crypto ATM scam, contact the Iowa Attorney General’s office at 1-888-777-4590 or file a complaint online: https://www.iowaattorneygeneral.gov/for-consumers/file-a-consumer-complaint. Read the fact sheet here. Read the Bitcoin Depot lawsuit here. Read the CoinFlip lawsuit here. ### For More Information: Alyssa Brouillet | Communications Director 515-823-9112 [email protected] « Back Contact Us Attorney General of Iowa Hoover Building 1305 E Walnut Street Des Moines, IA 50319 Follow Us Quick Links For Consumers For Crime Victims For Businesses File a Complaint Newsroom Careers About Us Contact Us Privacy Statement Sitemap State of Iowa Website © 2026 State of Iowa Office of the Attorney General. All rights reserved. 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