The United States Federal Trade Commission (FTC) has reported a 10-fold rise in scams involving Bitcoin ATMs since 2020, with fraudsters exploiting the anonymity and speed of cryptocurrency transactions. These scams often involve malicious actors convincing victims to unwittingly transfer their funds via Bitcoin (BTC) ATMs under false pretenses.

According to FTC data, losses from Bitcoin ATM scams exceeded $110 million in 2023, with consumers aged 60 and older three times more likely to fall victim. The FTC and industry leaders have stressed the importance of caution and preventive measures to protect consumers, particularly the elderly, from these growing crypto scams.

In an interview with Cointelegraph, a Bitcoin Depot spokesperson responded to the FTC warning, discussing the need for consumer protection and effective scam prevention strategies within the crypto ecosystem. The surge in Bitcoin ATM scams highlights the ongoing challenges in ensuring the security and trustworthiness of the rapidly evolving cryptocurrency market.

Source: https://cointelegraph.com/news/bitcoin-atm-scams-rise-10x-ftc-warns

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