Bitcoin Depot files for Chapter 11 in Texas, plans asset sale and wind-down as regulatory pressure forces shutdown of its Bitcoin ATM network. Bitcoin Depot, one of the largest Bitcoin ATM operators in the US, filed for Chapter 11 bankruptcy protection as the company moved to wind down operations and sell its assets. In a Monday announcement, Atlanta-based Bitcoin Depot said it started voluntary Chapter 11 proceedings in the US Bankruptcy Court for the Southern District of Texas, citing mounting regulatory pressure and financial strain. CEO Alex Holmes said the company strengthened anti-fraud protections in recent years, including stricter identity checks and lower transaction limits, but argued that growing compliance demands and enforcement actions made the business model “unsustainable.” Read more
Ripple shareholder Linqto has filed for bankruptcy following months of controversy around securities laws violations, with the first hearing expected on Tuesday. Update (July 8 at 6:41 pm UTC): This article has been updated to include comments from Phil Haslett. Linqto, a private investment platform that allows investors to buy shares in pre-initial public offering companies, has filed for Chapter 11 bankruptcy in the United States. The company holds 4.7 million Ripple shares bought on the private market. Linqto filed for bankruptcy with the US District Court for the Southern District of Texas on Monday. Read more