Bitcoin Depot agreed to a $1.9 million Bitcoin Depot settlement with the state of Maine to reimburse residents who lost money to scams carried out at the company’s cryptocurrency kiosks. The deal was reached on December 4, 2025, announced publicly on January 5, 2026, and covers Maine residents who were tricked into using a Bitcoin Depot machine between 2022 and 2025. The Maine Attorney General’s office received the $1.9 million within 60 days of the agreement, and the Maine Bureau of Consumer Credit Protection (BCCP) is distributing it as refunds to eligible victims.1Maine.gov. Consent Agreement, Case No. 2025-002
Who Qualifies for a Refund
To collect from the settlement fund, you need to meet three conditions. You must have been a Maine resident at some point between 2022 and 2025. You must have used a Bitcoin Depot kiosk located in Maine during that window to convert cash into cryptocurrency. And the cryptocurrency must have been sent to an “unhosted wallet” — a wallet not controlled by a bank or other financial institution — provided to you by a scammer or fraudster.2Maine.gov. Bitcoin Depot Settlement Information
The wallet piece matters. If your cryptocurrency went to a wallet held at a regulated exchange or financial institution rather than one whose address a scammer texted or emailed you, the transaction falls outside what this fund covers.
How to File a Claim
Claims were first accepted through the BCCP website. The bureau originally set an April 1, 2026 filing deadline and expected to start issuing refunds in May 2026.3Maine.gov. Bitcoin Depot Settlement FAQ That deadline was later pushed to May 8, 2026, with refunds now expected to begin in July 2026.2Maine.gov. Bitcoin Depot Settlement Information
After the online window closed, the bureau posted a printable PDF claim form for anyone still trying to file. The completed form is mailed to the Bureau of Consumer Credit Protection in Augusta.4Maine.gov. Bitcoin Depot Claim Submission
Individual refund amounts are not set. The BCCP said it would determine payment amounts only after reviewing all claims submitted, so what any one person receives depends on how many valid claims come in and how large each documented loss is.2Maine.gov. Bitcoin Depot Settlement Information
AARP Maine helped publicize the fund and urged eligible consumers to apply. Jane Margesson, the group’s senior communications director, said in a statement that “scammers often pressure people to act quickly and secretly, and Bitcoin kiosks have become a common tool in these schemes,” and called the settlement “a rare opportunity to recover those losses.”5AARP. Mainers Urged to Apply for Refunds Following Bitcoin Scam Settlement
What Bitcoin Depot Admitted
Nothing. The consent agreement expressly states that it does not constitute an admission by Bitcoin Depot of any violation of the Maine Money Transmission Modernization Act or any other state law. The dispute the settlement resolved was a licensing fight: the BCCP had told Bitcoin Depot in 2021 that it did not need a money transmitter license, changed course in 2023 after receiving reports that the kiosks were in fact performing money transmission, and denied the company’s license application in April 2025. The consent agreement issued the license effective December 4, 2025 (running through the end of 2026) and closed the pending proceedings, with the $1.9 million designated for consumer refunds.1Maine.gov. Consent Agreement, Case No. 2025-002
The Scam Pattern the Fund Covers
The frauds behind the settlement follow a familiar script. Someone contacts the victim posing as a government agent, a romantic interest, a utility company representative, or an investment advisor, and pressures them into converting cash to Bitcoin at a kiosk. The victim then sends the cryptocurrency to a wallet address the scammer provides, which is beyond the reach of any financial institution and generally unrecoverable.6Bitcoin Depot. Report Scam or Fraud
These schemes are widespread. The FBI reported nearly 11,000 fraud complaints involving crypto ATMs in 2024, a 99% increase over the previous year, with $247 million in losses. Between January and November 2025, reported losses reached roughly $333 million.7ICIJ. Massachusetts Sues Bitcoin Depot Alleging the Crypto ATM Operator Knowingly Facilitated Crypto Scams If your experience matches this pattern and you used a Bitcoin Depot machine in Maine during the eligible period, you likely qualify.
Residents of Other States
The $1.9 million Maine fund is only for Maine residents. If you were scammed at a Bitcoin Depot kiosk in another state, this specific settlement is not available to you, but several other state actions are underway that may eventually produce recoveries.
Massachusetts Attorney General Andrea Joy Campbell sued Bitcoin Depot on February 3, 2026, alleging its kiosks facilitated more than $10 million in scam losses in that state. The complaint brings five counts, including facilitating fraud and maintaining a deceptive refund policy.8Orrick InfoBytes. Massachusetts Attorney General Sues Bitcoin ATM Operator Iowa Attorney General Brenna Bird sued Bitcoin Depot and CoinFlip in February 2025, alleging Iowans had sent more than $20 million to scammers through the two companies’ machines.9Iowa Attorney General. Attorney General Bird Sues Crypto ATM Companies Connecticut’s banking commissioner issued an emergency order on March 9, 2026 summarily suspending Bitcoin Depot’s money transmission license after finding, among other things, that the company had told scam victims they could not receive refunds when state law required full refunds within 72 hours of a police report.10Hartford Business Journal. CT Dept. of Banking Suspends Bitcoin Depot’s License Over Scam Losses, Fee Violations Bitcoin Depot separately settled an enforcement action in Nevada, and Missouri’s attorney general opened an investigation in December 2025 that remains active.11ICIJ. Crypto ATM Operator Bitcoin Depot Files for Bankruptcy
If you were victimized in one of those states, contact your state attorney general or banking regulator. If your state has not brought an action, filing a police report and a complaint with the FBI’s Internet Crime Complaint Center creates a record that may matter later.
Bitcoin Depot’s Bankruptcy
On May 18, 2026, Bitcoin Depot filed for voluntary Chapter 11 bankruptcy in the U.S. Bankruptcy Court for the Southern District of Texas, seeking to wind down and sell substantially all of its assets. The company’s roughly 9,700 kiosks were taken offline as of the filing date.12Chapter11Cases.com. Bitcoin Depot Files for Chapter 11 to Wind Down and Sell Its Business Court documents listed about $22.4 million in cash across bank accounts and roughly $20 million in disputed litigation judgments as unsecured exposure.13Banking Dive. Bitcoin Depot Bankruptcy Chapter 11 ATM Wind Down
For Maine claimants, the $1.9 million was paid before the bankruptcy filing and sits with the state, so distributions are not affected by the Chapter 11 case. For victims in states where litigation is still pending, the bankruptcy adds uncertainty: any judgment against the company becomes a claim in the bankruptcy proceeding rather than a direct collection.