Gate News message, April 22 — Blockchain analyst ZachXBT has warned users against using Bitcoin Depot’s Bitcoin ATM service, citing excessive markups and citing a recent case involving a U.S. elderly fraud victim. According to ZachXBT, the victim exchanged $25,000 in fiat currency through a Bitcoin Depot ATM at a quoted price of $108,000 per BTC, while the market price at the time was approximately $75,000—a 44% premium. The transaction resulted in only 0.232 BTC, valued at roughly $17,500, causing the victim a loss of approximately $7,500.
ZachXBT highlighted the significant price discrepancy between Bitcoin Depot’s quoted rates and market prices, raising concerns about the service’s pricing practices and their impact on vulnerable users, particularly those unfamiliar with cryptocurrency markets.
Additionally, ZachXBT noted that Bitcoin Depot recently suffered a security breach, losing approximately $3.26 million in value (54 BTC) through unauthorized access. The incident reportedly went undetected for several days, raising questions about the platform’s security monitoring and incident response protocols.
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