Bitcoin Depot · Bitcoin · SEC · Decrypt
U.S. authorities have warned that older Americans have been especially susceptible to an uptick in scams involving crypto ATMs
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In August, Bitcoin Depot said it operated 9,000 kiosk locations globally.
Key facts
- Bitcoin Depot’s shares rose nearly 3% to $2.86 on Friday, according to Yahoo Finance, after showing an earlier loss as dipping as low as $2.56
- In preliminary financial results, Bitcoin Depot reported a 49% year-over-year drop in revenue, generating roughly $83.5 million in the three months ended March 31
- The company also attributed surging operating expenses to increased litigation costs, contributing to a net loss of $9.5 million compared to a profit of $12.2 million a year ago
- Last year, fraud involving crypto ATMs reached a record high, with $389 million in reported losses, according to numbers released last month by the FBI’s Internet Crime Complaint Center
Summary
Bitcoin Depot has issued a “going concern” warning, signaling severe uncertainty over its ability to survive the next 12 months. The company’s preliminary Q1 financial results revealed a 49% year-over-year revenue drop and a $9.5 million net loss. The kiosk operator is actively fighting consumer protection lawsuits from state attorneys general in Iowa and Massachusetts. Bitcoin Depot issued a “going concern” warning on Tuesday, flagging substantial doubt over whether the world’s largest crypto ATM operator can survive the next 12 months. Founded a decade ago, the crypto kiosk giant is currently battling a wave of lawsuits from state regulators over its alleged failure to protect consumers from scams, indicating in an SEC filing that mounting legal costs and regulatory hurdles could ultimately lead to insolvency.