The Federal Trade Commission found that consumers are losing more money to Bitcoin ATM scams, with bad actors stealing $65 million in the first half of 2024 alone.
People are losing a lot more money to Bitcoin ATM scams. In a report released Tuesday, the Federal Trade Commission said it’s found the amount of money lost to Bitcoin ATM scams has increased nearly 10 times from 2020 to 2023 — going from $12 million to a whopping $114 million. Consumers have already lost $65 million to the ruse in the first half of 2024 alone.
Scammers will then instruct their victims to take out a large sum of cash and deposit it into a Bitcoin ATM — which the FTC says scammers may call “safety lockers” — to keep their funds secure. Once at the Bitcoin ATM, scammers will send their victim a QR code to scan at the machine, which will put all of the victim’s cash into the scammer’s crypto wallet. This year, victims reported losing a median of $10,000 to Bitcoin ATM scams.
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