Bitcoin Depot to pay nearly $2 million in Maine settlement

Maine announced Bitcoin Depot will pay $1.9 million to compensate consumers who were defrauded through its bitcoin kiosks, and affected people may apply to the state for reimbursement.

Bitcoin Depot has agreed to pay Maine $1.9 million to compensate consumers who were defrauded through its bitcoin kiosks, the state announced. The payment was described as representing money taken by third-party scammers using the company’s machines. The company did not admit wrongdoing as part of the settlement. Maine permits victims to apply for compensation and has taken steps to limit risky kiosk activity. Key details: - Bitcoin Depot operates more than 25,000 bitcoin ATMs nationwide. - The state said the $1.9 million represents funds taken by third-party scammers through those kiosks. - Bitcoin Depot agreed to the payment while admitting no violation of state or federal law. - Victims may apply to the state for compensation; the company is also facing a separate lawsuit in Iowa. Summary: The settlement establishes a fund intended to reimburse people who lost money in scams involving Bitcoin Depot kiosks. Undetermined at this time.