Bitcoin Depot Files for Chapter 11 Bankruptcy as Bitcoin ATM Scams Continue to Rise
By
Tate Jarrow
A five-star bake. Worth schmearing, sharing, saving.
Summary
Bitcoin Depot, the largest Bitcoin ATM operator in the US, has filed for Chapter 11 bankruptcy, which the author views positively as it could reduce the prevalence of Bitcoin ATMs that are heavily exploited by scammers. The article warns that anyone being directed to use a Bitcoin ATM is almost certainly being scammed, and urges readers to educate their families about this common fraud tactic that drains hundreds of millions from victims annually.
Key quotes
· 3 pulledIf someone is telling you to send money through a Bitcoin ATM, it is a scam.
The end of bitcoin ATMs would be a win for everyone except the bad actors who use them to drain hundreds of millions of dollars from victims every year.
Stop. Hang up. Call a fam
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