The FTC said that victims reported losing $110 million to bitcoin ATM scams last year. That's up nearly ten times since 2020.

Scammers most often impersonate government or business officials, and convince folks that they need to move their money via bitcoin ATMs — which look like traditionally ATMs, but allow users to deposit cash in exchange for crypto — in order to protect it. Instead, it ends up in the fraudster’s hands.

In the first half of 2024, $65 million has already been reported lost through bitcoin ATM scams, with a median loss of $10,000 per victim.