More than 600 Bitcoin (BTC) ATMs went offline globally in the first two months of Q3 2024, with the United States recording the most shutdowns. This comes at a time when law enforcement authorities are proactively seeking out and closing Bitcoin ATMs that are frequently involved in extortion and scams.

According to data from Coin ATM Radar, the global Bitcoin ATM network lost 435 and 182 machines in July and August. The US contributed the highest to the statistics by reporting a reduction of 411 and 258 ATMs during the timeframe.

The United States Federal Trade Commission (FTC) has reported a tenfold increase in scams involving Bitcoin ATMs since 2020, with fraudsters taking advantage of the anonymity and rapid nature of cryptocurrency transactions. Crypto ATMs resemble standard cash machines and allow users to purchase cryptocurrencies, like Bitcoin, using their cards.

Source: https://cointelegraph.com/news/bitcoin-atms-shutdowns-scams-q3-2024

The information provided in this article is for informational and educational purposes only, based on news and sources gathered from the internet. This content should not be considered as investment advice, financial guidance, or a suggestion to buy or sell any digital assets. Before making any financial decisions, we recommend consulting with a professional financial advisor and conducting your own research. The author and the blog are not responsible for any losses or damages that may arise from using this content.