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Iowa Attorney General sues 2 crypto companies, costing Iowans $20 million
who13.com
by: Rachael Kauffman
Posted: Feb 26, 2025 / 06:38 PM CST
Updated: Feb 26, 2025 / 08:50 PM CST
DES MOINES, Iowa — Iowa Attorney General Brenna Bird is filing lawsuits against two crypto companies accused of costing Iowans $20 million.
Attorney General Bird says an investigation into cryptocurrency ATM companies was opened in October 2023. Using a list of Iowans who sent money through kiosks, 14 crypto ATM companies were subpoenaed. As part of the investigation, Iowan’s affected were contacted, and police reports, self-reports, and complaints were investigated.
The office has filed two lawsuits in Polk County District Court against Bitcoin Depot and Coinflip ATM’s. Both companies are being sued for violating the Iowa Consumer Fraud Act.
Attorney General Bird says that in less than three years Iowan’s sent more than $7 million through Bitcoin Depot and $13 million through CoinFlip ATM’s.
“Con artists are evil and will stop at nothing to steal everything you have,” said Attorney General Bird. “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.
According to Attorney General Bird, a majority of scam victims were over the age of 60.
“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,” said Attorney General Bird.
The investigation indicated that 98% of the money Iowan’s sent through Bitcoin Depot were scam transactions. Once money is sent through a crypto ATM, it is gone.
The Attorney General Bird’s office says the investigation into crypto ATM companies is ongoing.
Following Attorney General Birds’ press conference Coinflip released the following statement.
We don’t believe these allegations reflect or align with CoinFlip’s strong compliance and consumer protection practices, which we look forward to defending. We never want to see anyone get scammed, so we work to protect customers with blockchain analytics to stop fraud, visible consumer warnings, and education campaigns. Thousands of Americans count on the freedom to use crypto kiosks every day for legitimate transactions, and protecting these consumers as they use kiosks to access digital currency is an important way to support our country’s national crypto innovation goals.
Copyright 2025 Nexstar Media Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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