Missouri AG sues CoinFlip, calls crypto ATMs ‘getaway cars for fraud’

Missouri Attorney General Catherine Hanaway has filed a lawsuit against CoinFlip operator GPD Holdings LLC, accusing the firm of enabling fraudulent transactions and charging fees as high as 21.9%. The lawsuit cites approximately 350 reports of crypto ATM-related fraud in Missouri over two years, noting that these kiosks are frequently used to launder funds stolen from vulnerable populations, including senior citizens.

Authorities claim that crypto ATMs serve as "getaway cars for fraud" due to the irreversible and anonymous nature of the transactions. The state is seeking restitution for affected consumers, civil penalties totaling $1.826 million, and a permanent injunction to prevent the company from operating within Missouri.

(Source：The Block)