The US Federal Bureau of Investigation, or FBI, recently issued a warning regarding scams involving Bitcoins at ATMs.
Such scams have already resulted in over $333 million in losses in the first eleven months of 2025 alone, according to an ABC report citing FBI internal statistics.
The same data shows related losses have nearly doubled annually, from approximately $250 million in 2024.
The FBI indicated that as cryptocurrencies become more prevalent in recent years, such scams have shown a "marked and continuous increase."
Bitcoin ATM Losses Nearly Double Each Year
Currently, over 45,000 Bitcoin ATMs are operating across the United States. Fast and convenient, these machines allow users to convert cash into cryptocurrency and transfer funds to any digital wallet within minutes. Law enforcement notes thatfunds are nearly unrecoverable once a transaction at such an ATM is completed, which is a key reason scammers have relied heavily on them for criminal activities.
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In September, the Attorney General of Washington D.C. filed suit against Athena Bitcoin -one of the largest ATM operators in the country - accusing the company of charging high, undisclosed fees and claiming that up to 93% of such ATM transactions within the city involved fraud.
Athena Bitcoin denied the charges, asserting that the company has used warnings, operating instructions, and consumer education to lower the risk of scams. It emphasized that the company cannot interfere with or controlindividual users' decisions, including how they transfer funds.
Elderly Are Significant Victims of Related Scams
The lawsuit revealed that the median age of the victims was 71. Related research from the American Association of Retired Persons, or AARP, also highlighted that the elderly aged 60 and above are at a much higher risk of being scammed, with many struggling to distinguish Bitcoin ATMs from those of traditional banks and not understanding the irrevocability of cryptocurrency transactions.
AARP also reported that scam groups frequently impersonate government agencies, law enforcement, or financial institutions as a means to further confuse the elderly, fabricating urgent scenarios and claiming immediate money transfers are necessary to avoid legal consequences.
At least 17 U.S. states have enacted specific laws or amended existing regulations to manage Bitcoin ATMs, including requirements for operator registration, transaction amount limits, and information disclosure obligations.
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Some local governments have even adopted more stringent measures, opting to entirely prohibit Bitcoin ATM installations to reduce the risk of scams and protect the financial safety of high-risk groups.
You've read it. Now let's talk. Follow us on X. Editor: Chase Bodiford
