A joint investigation by CNN and the International Consortium of Investigative Journalists (ICIJ) has revealed that Americans lost more than $330 million to crypto ATM scams between January and November 2025, while convenience store chain Circle K earned millions from its hosting partnership with Bitcoin Depot. The FBI received over 12,000 crypto ATM scam complaints during the period.
Circle K hosts Bitcoin Depot crypto ATMs in more than 750 stores, initially receiving up to $700 per month in rental fees per machine. CNN and ICIJ reviewed over 150 crypto ATM scam cases at Circle K locations and spoke to 17 employees who witnessed fraud first-hand — some attempting to intervene while management maintained the machines are third-party operated terminals. An analysis by Iowa's attorney general found that more than half of transactions on Bitcoin Depot machines between October 2021 and July 2024 involved scams, while the figure reached 90% on the CoinFlip network. Grocery chain Fareway unplugged machines across 66 stores, calling them instrumentalities of fraud, prompting Bitcoin Depot to sue for breach of contract — the case was settled in November. At least 18 U.S. states have passed crypto ATM laws since 2023, including daily transaction limits and mandatory refund obligations, while Bitcoin Depot warned investors that fourth-quarter revenue would likely fall by approximately $50 million due to new regulations.
Circle K extended its contract with Bitcoin Depot in January 2025 through mid-2026 despite repeated warnings from employees and law enforcement — police sergeant Nathan VanCleave of Evansville, Indiana, identified large corporations hosting Bitcoin ATMs as the main obstacle to stopping the scams.
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