This post was originally published on Coinspeaker
Last year in 2023, the Bitcoin ATM scams resulted in more than $110 million in losses with a majority of the victims particularly from the age group of 60 and more.
As per the latest report from the US Federal Trade Commission (FTC), there’s been a 10x surge in the crypto scams involving Bitcoin ATMs in the last four years in 2020. The FTC report suggests that fraudsters have been exploiting the anonymity as well as the speed of crypto transactions.
Last year in 2023, the Bitcoin ATM scams resulted in more than $110 million in losses with a majority of the victims particularly from the age group of 60 and more. The FTC data shows that these BTC investors were key targets of the hackers.
These scams involved malicious actors deceiving victims to unknowingly transfer funds using Bitcoin ATMs under false pretenses. In an interview with Cointelegraph, a spokesperson from Bitcoin depot shared his concerns along with discussing the consumer protection measures and strategies for preventing such scams.
The US Federal Trade Commission (FTC) has warned that no legitimate regulator or company will ever demand payment in BTC or other digital assets using a Bitcoin ATM.
— Read the rest of this post, which was originally published on Coinspeaker.
