• Dapps:16.23K
  • Blockchains:78
  • Active users:66.47M
  • 30d volume:$303.26B
  • 30d transactions:$879.24M

Massive Increase in Bitcoin ATM Scams: FTC Data

user avatar

by Giorgi Kostiuk

a year ago


  1. Rise in Bitcoin ATM Scams
  2. Total Losses and Age Groups
  3. Tips to Avoid Scams

  4. New data from the US Federal Trade Commission (FTC) shows a steep increase in Bitcoin ATM scams, with losses exceeding $110 million since 2020.

    Rise in Bitcoin ATM Scams

    According to FTC data, losses from Bitcoin ATM scams totaled more than $65 million in the first six months of 2024 alone. This figure is nearly ten times higher compared to similar periods in previous years. Scammers often pose as government representatives, corporate officials, or technical support, making urgent demands for money to be transferred via Bitcoin ATMs.

    Total Losses and Age Groups

    Older adults are most vulnerable to these scams. Individuals aged 60 and over are at least three times more likely to fall victim compared to younger age groups. The median loss reported by victims in the first half of 2024 was $10,000.

    Tips to Avoid Scams

    The FTC strongly urges vigilance and offers some simple guidelines to avoid scams: do not click on suspicious links, do not transfer money based on calls, texts, or emails without proper verification, and remember that using Bitcoin ATMs is not a solution to financial issues. ATMs are often found in busy locations such as stores and gas stations, making them an easy target for scammers.

    New data shows that Bitcoin ATM scams are on the rise, with particularly severe losses for older adults. The FTC continues to work on raising public awareness and urges everyone to be cautious when using Bitcoin ATMs.

0

Rewards

chest
chest
chest
chest

More rewards

Discover enhanced rewards on our social media.

chest

Other news

New Crypto Framework Introduces Investor Categories and Reporting Standards

chest

The proposed framework introduces investor categories and transaction limits for digital asset purchases to protect smaller investors in Russia.

user avatarElias Mukuru

Enforcement Timeline for Illegal Crypto Operations Announced

chest

Announcement of enforcement measures against illegal crypto operations effective from July 1, 2027.

user avatarBayarjavkhlan Ganbaatar

Crypto Development Shifts Focus to Utility in 2025

chest

In 2025, the crypto space shifted from speculation to utility, focusing on sustainable DApps and long-term development.

user avatarDiego Alvarez

Voting Power Concentration Raises Concerns in Aave DAO

chest

Concerns have been raised regarding the concentration of voting power within the Aave DAO, where a small group of large holders controls a significant portion of the total voting weight.

user avatarKenji Takahashi

Backlash Erupts Over Aave Governance Vote

chest

A governance vote regarding Aave's brand assets has faced criticism for being escalated prematurely.

user avatarGustavo Mendoza

Aave Founder Stani Kulechov Under Fire for Token Purchase

chest

Stani Kulechov, the founder of Aave, is under scrutiny for purchasing 10 million AAVE tokens, raising concerns about governance power manipulation.

user avatarMaria Fernandez

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.