Bitcoin Depot: Faces Fraud Accusations
Bitcoin Depot accused of overcharging elderly victim $25K for BTC at $108K rate amid $75K market, pocketing $7.5K profit; company exploited for $3.26M in BTC theft.
SourceBlockchain investigator ZachXBT slammed Bitcoin Depot ATMs, urging users to avoid them after an elderly fraud victim in the US converted $25K fiat into just 0.232 BTC at an inflated quote of $108K per BTC—far above the $75K market price, netting the company a $7.5K profit on a real value of $17.5K. ZachXBT demanded the firm return the funds, highlighting satisfaction in revealing Bitcoin Depot's own unnoticed exploit losing $3.26M (54 BTC) to theft address bc1qpk2fm3e5fyc4hk3xrvkawrsdtymffdp6xmgtda, amid rising concerns over Bitcoin ATM scams, crypto fraud prevention, and BTC price manipulation in volatile markets echoing recent Bitcoin hype cycles.
Zooming into the 4-hour BTC chart, price action holds firm in a bullish structure with the EMA50 at $75220.39 acting as immediate support and the EMA200 at $72341.39 reinforcing longer-term floors, while MACD signals a golden cross at 560.67—pushing momentum higher as RSI sits neutral at 63.96. Yet confluence screams caution: BTC tests the upper Bollinger band resistance near $77994.78, hinting at volatility exhaustion, so expect a tactical pullback to that EMA50 level before bulls reload for continuation, especially with current spot at $77971.7 flirting with overextension in this macro uptrend.
ZachXBT
@zachxbtZachXBT is an Pseudonymous independent on-chain sleuth who is popular on revealing bad actors and scams in the crypto space