A popular blockchain sleuth, Zachary Wolk, alias ZachXBT, has cautioned cryptocurrency users not to trust Bitcoin Depot, one of the largest Bitcoin Automated Teller Machine(ATM) operators in the United States, on April 22.
As Bitcoin Depot urged crypto users to tap into its over 9,000 ATMs for Bitcoin (BTC) adoption, ZachXBT revealed otherwise. He stated that Bitcoin Depot could cost its users a fortune, since it has helped scammers rip off elderly victims in the recent past.
“I strongly advise no one to ever give Bitcoin Depot ATMs their business. Why was an elderly fraud victim recently allowed to convert $25,000 to BTC via a Bitcoin Depot ATM in the U.S.? Why was the victim quoted at $108,000 per BTC when the market price is $75,000?” ZachXBT stated.
He argued that Bitcoin Depot engages in predatory pricing and has weak fraud controls. As such, the security lapses have enabled call scammers to target the elderly and vulnerable crypto users. Furthermore, the on-cha
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