Missouri Sues CoinFlip Over Alleged Facilitation of Fraudulent Transactions

The Missouri Attorney General has taken legal action against CoinFlip, a company operating cryptocurrency ATMs across the state.

The lawsuit alleges that CoinFlip knowingly facilitated fraudulent transactions and profited from them. This move comes after a probe into several crypto ATM companies, including Bitcoin Depot, which recently filed for bankruptcy due to substantial doubts over its ability to continue as a going concern.

CoinFlip operates 136 kiosks in Missouri alone, out of a total of 4,229 across the US. The state is seeking to enjoin CoinFlip from operating in Missouri and impose civil penalties totaling up to $1,826,000. Additionally, the Attorney General's Office is asking the court to declare CoinFlip's practices in violation of the Missouri Merchandising Practices Act.