Bitcoin ATM Operator Bitcoin Depot Faces Lawsuit Over Alleged $76K Impersonation Scam

A retired Idaho couple has filed a federal class action lawsuit against Bitcoin Depot Inc., alleging the company’s Bitcoin ATM network processed $76,000 in fraudulent deposits over five consecutive days without a single meaningful intervention. Karen and Robert Lacey, named plaintiffs in Lacey et al. v. Bitcoin Depot Inc. (Case No. 1:26-cv-00288-DKG), say fraudsters posing as Norton customer service representatives. FBI agents convinced them their accounts were tied to child pornography and illegal gambling investigations.

The 43-page complaint was filed on May 11, 2026, in U.S. District Court for the District of Idaho. The lawsuit lands as Bitcoin Depot’s entire business has collapsed around it.

How the Scam Unfolded

The mechanics of this fraud were deliberate and layered.

Between August 9 and August 13, 2025, the plaintiffs made four deposits $25,000 on August 9, $25,000 on August 11, and two $13,000 deposits totaling $76,000 in five days. To reinforce the deception, the fraudsters caused wireless networks labeled “FBI” to appear on the Laceys’ phones, signals that remained visible for months after the deposits.

The lawsuit argues Bitcoin Depot’s Bitcoin ATM machines processed every transaction without pause. Despite obvious red flags including first-time users making large cash deposits while visibly acting under telephone instructions from unknown parties, Bitcoin Depot’s ATM processed each transaction without meaningful intervention.

What Did Bitcoin Depot Do After?

The company’s response made a bad situation worse. After the Laceys’ son filed a federal crime complaint, Bitcoin Depot issued two $1,000 refund checks a total the lawsuit states did not cover even the fees the company had collected. Karen Lacey, already retired at the time of the fraud, has since returned to work with rotating hospital shifts to help rebuild their finances. 

The Broader Bitcoin ATM Fraud Problem

This case is not isolated. The data behind Bitcoin ATM fraud is alarming.

• FTC data shows Bitcoin ATM fraud losses increased nearly tenfold between 2020 and 2023, with a median victim loss of $10,000.
• By 2025, the FBI reported Americans lost $333 million to Bitcoin ATM scams, affecting more than 10,000 victims in a single year.
• Bitcoin Depot’s own SEC filings admit that criminals may exploit its services for illegal activities such as fraud, and the company acknowledges that its risk management measures may not adequately prevent such misuse.
• Under Bitcoin Depot’s terms cited in the complaint, the company once charged fees up to 50% of transaction amounts.

Bitcoin Depot’s Collapse

The lawsuit arrives at the worst possible moment for Bitcoin Depot. The company filed for voluntary Chapter 11 bankruptcy on May 18, 2026. Then, shut down its entire network of more than 9,000 ATMs across North America. The company had earlier disclosed a $3.6 million Bitcoin theft from its own wallets in March 2026 and reported a 49.2% revenue decline in Q1 2026.

Bitcoin Depot also faces a high-profile lawsuit from the attorneys general of Massachusetts and Iowa over alleged facilitation of crypto scams. Massachusetts alleged that Bitcoin Depot used misleading sales tactics to overcharge customers. It also knowingly facilitated crypto scams that robbed the state’s consumers of more than $10 million.

What the Laceys Are Seeking in Court?

Plaintiffs seek a jury trial, injunctive relief, compensatory and punitive damages, restitution of fees paid, and attorney’s fees. The proposed class period spans six years before the filing date through the entry of a class certification order. Bitcoin Depot has not publicly responded to the lawsuit.

Follow developments on this case at coindesk.com and ftc.gov for the latest regulatory guidance on Bitcoin ATM fraud protection.

Disclaimer:

The content shared by Meyka AI PTY LTD is solely for research and informational purposes. Meyka is not a financial advisory service, and the information provided should not be considered investment or trading advice.