FTC Reports Surge in Bitcoin ATM Scams

Fraud losses have escalated nearly tenfold since 2020, with scammers exploiting these machines to steal millions from unsuspecting consumers.

Consumers lost over $66 million to Bitcoin ATM scams in the first half of 2024 alone.
Fraudsters often impersonate officials to trick victims into depositing cash into Bitcoin ATMs.
Median loss per victim reported in 2024 is around $10,000.
The total reported loss in 2023 was $110 million, highlighting a significant rise in such scams.
FTC emphasizes the need for increased awareness and caution among consumers using Bitcoin ATMs.