FTC: Over $110 million lost to Bitcoin ATM scams in 2023
ID: a80cf1db-e306-529a-8a4a-fe83a4f87a8a
STIX ID: report--a80cf1db-e306-529a-8a4a-fe83a4f87a8a
Feed Name: Bleeping Computer
The FTC reports a significant rise in Bitcoin ATM scams, citing over $110M in losses in 2023 and $65M in the first half of 2024, largely driven by government/business impersonation and tech-support schemes that rush victims into converting cash to cryptocurrency via QR codes; older adults are disproportionately impacted, with a median loss of $10,000. The advisory urges people to verify unsolicited contacts independently, avoid withdrawing cash or using BTMs/gift cards on demand, and notes prior FBI warnings about the difficulty of recovering funds once sent.
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