According to the Federal Bureau of Investigation (FBI), scams exploiting Bitcoin ATMs surged to record levels in 2025, with reported losses reaching approximately $333.5 million. This marks a steep increase from $78 million in 2022 and $114 million in 2023, indicating a more than tripling of damages in just three years.
The FBI's Internet Crime Complaint Center (IC3) recorded more than 12,000 complaints related to these scams in 2025, with over 10,000 individuals confirmed as victims. Criminals primarily used social engineering tactics, impersonating banks, government agencies, or companies to create a false sense of urgency. Victims were often contacted by phone and told their accounts were compromised, then instructed to "secure" funds by depositing cash into a Bitcoin ATM, which routed money directly to fraudsters' wallets.
Older adults were disproportionately targeted. Data from the Federal Trade Commission (FTC) shows that in the first half of 2024 alone, individuals aged 60 and above were involved in hundreds of cases, losing tens of millions of dollars. Scammers escalated tactics by using AI-generated voice deepfakes to impersonate family members in fake emergencies, such as claiming a relative needed Bitcoin for release from legal trouble.
The widespread availability of Bitcoin ATMs in the U.S., with over 30,000 machines operating by 2024 (representing over 81% of global installations), has increased exposure and lowered the barrier for these scams. Both the FBI and FTC emphasize that legitimate entities never demand payments via Bitcoin ATMs and urge the public to pause, verify requests independently, and never rush into a transaction due to the irreversible nature of crypto transfers.
