Bitcoin ATM fraud hits record $333 million: FBI
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- Bitcoin ATM fraud hit $333 million in losses in 2025, the FBI said.
- Over 10,000 people have fallen victim to bitcoin ATM scams, with older adults being the most affected.
- Bitcoin ATM fraud losses have more than doubled since 2022, according to FTC data.
Bitcoin ATM fraud reached new highs in 2025, with scammers reportedly stealing $333 million from victims, the FBI said.
In most cases of bitcoin ATM fraud, scammers impersonate either a company or a bank and flag supposed suspicious activity on the victim's account, advising them to deposit money into a bitcoin ATM to protect their funds or remedy the issue. That money then goes directly into the scammers' account.
Bitcoin ATMs have increased in popularity in the US, with over 30,000 machines in the States in 2024 — which is about 81.27% of the bitcoin ATMs in the world, according to finance news site Finance Magnates.
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The FBI's Internet Crime Complaint Center (IC3) reported that more than 10,000 people were victims of bitcoin ATM-related fraud in 2025 alone.
"Based on IC3 reporting, data shows from January to November of 2025 there are over 12,000 complaints and over $333.5 million in monetary losses, an increase compared to the same time span last year," the FBI said in a statement emailed to Business Insider.
In 2024, the FTC reported that cryptocurrency scams in particular can be more financially devastating than other types of fraud. The report said that, midway through 2024, the median loss reported by individuals related to cryptocurrency fraud was $5,400. The median individual loss tied to reports of general fraud was $447.
And the amount of money lost has been steadily increasing each year.
Data from the FTC shows that bitcoin ATMs accounted for $114 million in reported losses in 2023 and $78 million in losses in 2022, meaning reported losses due to bitcoin ATM fraud more than doubled in just two years.
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The FTC urges people to pay close attention to any red flags when contacted by a bank or company by double-checking phone numbers and reaching out directly to companies that initiate contact with you. The agency also suggests slowing down and not feeling rushed because scammers often want a quick transaction.
Bitcoin has been used in other forms of fraud. The FTC advises that legitimate businesses and government agencies will not request bitcoin as a form of payment.
While fraud does not only plague certain generations, older victims have been more susceptible to cryptocurrency crimes, the data shows.
Victims 60 and over accounted for 71% of the reported losses using bitcoin ATMs during the first half of 2024, losing $46 million, according to the FTC.