North America’s largest Bitcoin ATM operator has filed for bankruptcy. Bitcoin Depot, North America’s largest Bitcoin ATM operator, has filed for Chapter 11 bankruptcy and will gradually shut down its more than 9,000 machines worldwide. The company’s CEO cited changing regulatory conditions as making the business model unsustainable, with increasing compliance obligations across states and some jurisdictions directly restricting or banning Bitcoin ATM operations. First-quarter revenue fell 49.2% year-over-year, resulting in a net loss of $9.5 million, compared to a net profit of $12.2 million during the same period last year. In April, the company also suffered a security breach, losing approximately $3.7 million.