A popular blockchain sleuth, Zachary Wolk, alias ZachXBT, has cautioned cryptocurrency users not to trust Bitcoin Depot, one of the largest Bitcoin Automated Teller Machine(ATM) operators in the United States, on April 22.
As Bitcoin Depot urged crypto users to tap into its over 9,000 ATMs for Bitcoin (BTC) adoption, ZachXBT revealed otherwise. He stated that Bitcoin Depot could cost its users a fortune, since it has helped scammers rip off elderly victims in the recent past.
He argued that Bitcoin Depot engages in predatory pricing and has weak fraud controls. As such, the security lapses have enabled call scammers to target the elderly and vulnerable crypto users. Furthermore, the on-chain investigator revealed that the victim paid $25,000 for 0.232 BTC, which was actually worth only $17,500, to Indian call scammers.
Meanwhile, the on-chain investigator revealed that the Bitcoin Depot made misinformed claims through its recent filing with the United States Securities and Exchange Commission (SEC). ZachXBT’s blockchain tracing found that suspicious outflows actually began on March 20, three days before the company’s reported date, thereby indicating a three-day delay in detecting the breach. The investigator also identified 54.45 BTC across 19 theft addresses, thus exceeding the disclosed 50.903 BTC.
A growing challenge for Bitcoin ATMs in the U.S.
The U.S. BTC ATM landscape has faced significant headwinds amid reported scams. According to the Federal Bureau of Investigation (FBI) Internet Crime Complaint Center (IC3) 2024 Annual Report, scammers stole $246.7 million through crypto ATMs in 2024.
This figure surged to more than $333 million in 2025, per official FBI data, showing an increasing nationwide threat from loosely regulated crypto ATMs. As a result, the number of Bitcoin ATMs in the United States fell by nearly 2% in the first quarter of 2026 to about 30,229 units, as Finbold previously reported.
Source: https://finbold.com/crypto-detective-warns-against-using-these-bitcoin-atms/
