'Rogue' Police Are Destroying Bitcoin ATMs: Bitcoin Depot Legal Chief
U.S. law enforcement's use of force to seize cash from Bitcoin ATMs may violate legal boundaries, according to Bitcoin Depot's CLO Chris Ryan. Authorities recently cut into a Bitcoin Depot kiosk in Texas to retrieve $32,000, necessitating a complete replacement of the machine, which costs $14,000. Bitcoin Depot asserts that seized funds rightfully belong to them and that they are entitled to compensation for damages. Scammers exploit Bitcoin ATMs, leading to significant financial losses for consumers; in 2024, Americans lost at least $247 million through crypto kiosks. Confusion arises in legal contexts when authorities misrepresent victims' cash as criminal proceeds. Bitcoin Depot has successfully defended against similar unlawful actions in multiple states and collaborates with law enforcement to track stolen crypto. The company emphasizes that once a transaction is completed, their involvement ends, and they warn users about potential scams.
