Press-conference fact sheet
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Research, not advice. Part of the Bitcoin research archive (October 2026). Claims labelled unverified, contested or fringe are reported, not endorsed; statuses of bills and rules are as of the date checked. Government, court and patent records are public domain; the research notes are CC BY 4.0.
THE BREAKDOWN::
LAUNCHING A FIRST-OF-ITS-KIND INVESTIGATION
After repeatedly hearing from Iowa scam victims that they sent money
$20
through crypto machines, the Iowa Attorney General’s office launched a
first-of-its kind investigation into crypto ATM companies for facilitating MILLION
scam transactions. Iowans lost more than 20
million dollars to scammers
The investigation began in October 2023, when the office subpoenaed 14 in payments through Bitcoin
Depot and CoinFlip kiosks
crypto ATM companies. The subpoenas requested information on Iowans’ in less than 3 years.
transactions through crypto ATM kiosks over a nearly three year period.
Investigators called and emailed hundreds of Iowans who had made
transactions through the crypto ATMs. The office also collected data using
consumer complaints, police reports, and self-reported scams.
98%
EXPOSING THE CRYPTO ATM CON The investigation has so far
found that 98.16% of money
Iowans reported sending
through Bitcoin Depot were
Iowans have lost at least $20,426,616 in transactions through Bitcoin Depot scam transactions.
and CoinFlip crypto ATMs.
Bitcoin Depot: $7,243,991
CoinFlip: $13,182,625
The investigation has so far found that 98.16% of money Iowans reported
sending through Bitcoin Depot and 94.92% through CoinFlip were scam
transactions.
60 +
Most scam victims and crypto
Most scam victims and crypto ATM users were above age 60. ATM users were above age 60.
Once money is sent through a crypto ATM, it is gone.
CRACKING DOWN ON THE CRYPTO ATM COMPANIES 2
Attorney General Bird is
Attorney General Bird’s office filed two lawsuits in Polk County District suing two cryptocurrency
Court against crypto ATM companies, Bitcoin Depot and CoinFlip. ATM companies under the
Bitcoin Depot is the largest crypto ATM company on the continent. Iowa Consumer Fraud Act.
Iowans put the most money into CoinFlip’s crypto ATMs.
The companies profit off of scam victims. They charge massive, hidden
transaction fees. Bitcoin Depot claims as much as 23% of the money Iowans
send through its machines.
The office is suing both companies for violating the Iowa Consumer Fraud
20% +
Act. Bitcoin Depot and CoinFlip
take a cut of over 20% of the
The investigation into crypto ATM companies is ongoing. money Iowans send money
through their machines.
Iowans can report crypto ATM scams to the Iowa Attorney General’s office at 1-888-777-4590 or iowaattorneygeneral.gov.