Massive Increase in Bitcoin ATM Scams: FTC Data

user avatar

by Giorgi Kostiuk

2 years ago

Made with AI

  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.

Tier I

Sector: #18291

Sealed Hiding Place Room

Resource Cache

Resource Cache

Tier I

Requires 25% Tier Progress to Claim
Meme Cache

Meme Cache

Tier I

Requires 50% Tier Progress to Claim
Equipment Cache

Equipment Cache

Tier I

Requires 75% Tier Progress to Claim

After collecting, hiding places will be stored in your inventory and can be opened with Keys.

Other news

Other Crypto Funds Experience Significant Withdrawals

Other cryptocurrency ETF categories, including Solana and XRP, recorded significant withdrawals, indicating a broader trend of selling pressure.

user avatarSatoshi Nakamura

MEGA Plans AI Marketplace Launch for December

MEGA is set to launch an AI inference marketplace in December, allowing customers to access services from various AI model providers.

user avatarNguyen Van Long

MEGA Reduces Workforce to Shift Focus to AI Products

MEGA has laid off 20 employees as part of a restructuring to expand into artificial intelligence, moving beyond its blockchain infrastructure.

user avatarKofi Adjeman

Institutional Withdrawals from Crypto ETFs Reach Over $1 Billion

Institutional demand for crypto ETFs has weakened significantly, with US spot Bitcoin ETFs experiencing over $1 billion in withdrawals for the second consecutive week.

user avatarJesper Sørensen

Ethereum Staking Hits Record Levels Despite Price Drop

Ethereum's staking rate has surged to an all-time high of 36.3% of total supply, even as the price of ETH has fallen to around $2,000.

user avatarRajesh Kumar

Jane Street Boosts Bitcoin ETF Holdings Amid Market Changes

Jane Street has significantly increased its stake in major Bitcoin ETFs, particularly in Fidelity's Wise Origin Bitcoin Fund, reflecting strong client demand and trading activity in the Bitcoin market.

user avatarLucas Weissmann

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.