The Federal Bureau of Investigation warned about the growing threat of bitcoin ATM scams, saying the schemes have already cost Americans hundreds of millions of dollars.
ABC reported on FBI statistics showing that fraudsters in 2025 stole more than $333 million through scams carried out using bitcoin ATMs. That marked a sharp increase over previous years as cryptocurrency use became more widespread.
New FBI data tracking fraudulent transactions at cryptocurrency kiosks show what a bureau spokesperson described as a clear and constant rise.
In 2024, reported losses tied to bitcoin ATM scams totaled about $250 million, more than double the amount reported the year before. This year, from January to November, losses reached $333.5 million, according to the bureau.
There are more than 45,000 bitcoin ATMs operating across the United States. The kiosks allow users to deposit cash and send funds to a digital wallet anywhere in the world, often within minutes.
Once a transaction is completed, the funds can be extremely difficult or impossible to recover, which has made bitcoin ATMs an appealing tool for scammers.
In September, the Washington, D.C., attorney general sued Athena Bitcoin, one of the country's largest bitcoin ATM operators.
The lawsuit accused the company of collecting undisclosed fees from scam victims and alleged that 93% of transactions conducted on its machines in the district were linked to fraud. The complaint also said the median age of victims was 71.
Athena Bitcoin denied the allegations, saying it maintains safeguards against fraud through warnings, instructions, and consumer education. The company said it does not control how users choose to send their money.
Advocacy groups have pushed for tighter oversight of bitcoin ATMs, including limits on daily transactions and stronger consumer protections.
The American Association of Retired Persons has warned that older adults are particularly vulnerable to bitcoin ATM scams, citing fraud reports showing a disproportionate share of losses among people age 60 and older.
AARP research has found that many adults cannot distinguish bitcoin ATMs from traditional bank machines and do not fully understand how cryptocurrency transactions work.
The group says scammers often exploit that confusion, along with urgency and fear, to pressure victims into sending cash through the kiosks.
AARP has urged states to require clearer scam warnings at machines, licensing and monitoring of operators, daily deposit caps, and refund mechanisms when fraud is confirmed.
At least 17 states have passed laws regulating bitcoin ATMs, while some local governments have moved to ban them entirely.