Overview

• The FBI says victims lost nearly $247 million to bitcoin ATM schemes in 2024, reflecting a sharp jump as machines proliferate nationwide.
• Roughly 45,000 cryptocurrency kiosks enable rapid cash-to-crypto transfers that scammers exploit through urgent impersonation calls and threats.
• At least 17 states have enacted regulations, and recent lawsuits from Washington, D.C., and Iowa accuse major operators of enabling fraud and profiting from steep or undisclosed fees; the companies deny wrongdoing and cite warnings and ID checks.
• Texas lawmakers advanced, but did not pass, a proposal for 72-hour transaction holds and a $3,000 daily cap, while a new law taking effect Sept. 1 allows seizure of crypto tied to crimes.
• Recoveries remain rare due to fast, irreversible transfers, with Texas’ Financial Crimes Intelligence Center reporting $205,000 recovered and one notable case in which police stopped a payment and helped a victim reclaim funds.