FTC Data Show Tenfold Increase in Consumer Losses Involving Bitcoin ATMs

Published on September 4, 2024

Americans are losing an increasing amount of money to scams involving bitcoin ATMs, according to a newly published report from the Federal Trade Commission (FTC). Since 2020, the amount of money consumers reported losing to scams involving such machines increased nearly tenfold to more than $110 million in 2023, the FTC said in a Sept. 3 statement. The federal agency said fraud losses to bitcoin ATMs have already topped $65 million in the first six months of 2024 alone, with consumers reporting a median loss of $10,000. Those figures could likely be higher, given that the vast majority of frauds are not reported, the agency said. There are nearly 40,000 bitcoin ATMs installed worldwide, with more than 30,000 of them located in the United States, according to Coin ATM Radar....

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