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Source: The State AG Report
State: Massachusetts
Industry: Banking, Finance, Crypto; Securities
Area of Law: Consumer Finance, Mortgages & Debt, Consumer Protection
- Massachusetts AG Andrea Joy Campbell filed a lawsuit against Bitcoin Depot Operating LLC and its parent, Bitcoin Depot, Inc. (collectively, "Bitcoin Depot"), alleging the company violated the Massachusetts Consumer Protection Law and related regulations by using deceptive pricing practices at its cryptocurrency kiosks and by failing to take meaningful steps to prevent scam transactions.
- According to the complaint, Bitcoin Depot allegedly misled customers about the total price of their purchase by displaying lower Bitcoin prices at the beginning of a transaction and then adding hidden fees so that the final Bitcoin price paid was higher than the original price advertised.
- The complaint further alleges Bitcoin Depot knew a substantial portion of large-dollar kiosk transactions were tied to scams, yet reduced fraud safeguards and failed to provide a meaningful refund process for victims.
- Separately, the AG's office alleges the parent company misled Massachusetts investors by framing fraud as a future "risk" in filings, while allegedly failing to disclose that fraud/scam transactions were already occurring at a material level and were a major revenue driver for the company.
- The AG's office seeks injunctive relief, restitution and other consumer refunds, civil penalties, and costs and fees.
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