Iowa AG Bird sues crypto ATM companies for costing Iowans more than $20 million
(ABC 6 News) — On Wednesday, Iowa Attorney General Brenna Bird announced lawsuits against Bitcoin Depot and CoinFlip.
The lawsuits against Iowa’s two largest cryptocurrency ATM operators stems from alleged failures that allowed Iowans to transfer millions of dollars to scammers through their kiosks.
A press release states that Bird’s investigation into cryptocurrency ATM companies revealed that hundreds of Iowans had sent more than $20 million through Bitcoin Depot and CoinFlip ATMs in a less than three-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 via a press release. “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.”
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.