The FBI is warning consumers about a rise in cryptocurrency scams involving bitcoin ATMs, saying victims are being pressured to deposit large sums of cash into the machines at the direction of scammers.
Federal authorities highlighted a recent case in Florida in which an 80-year-old man was found feeding tens of thousands of dollars from his life savings into a bitcoin ATM while speaking on the phone with unidentified scammers. Police intervened, but investigators say the man had already lost about $50,000 before officers were able to stop the transaction.
New FBI data shows Americans lost more than $333 million to scams involving bitcoin ATMs in 2025 — a significant increase from the previous year. Officials say scammers often pose as government agencies, banks or tech support, convincing victims that urgent payment is needed.
News reports have identified dozens of similar cases nationwide in which victims were directed to send money through cryptocurrency kiosks.
Bitcoin ATM companies say their machines display multiple fraud warnings — in some cases up to four alerts during a transaction — and argue they are not responsible for criminals who misuse the technology. They also note that financial scams occur across a wide range of traditional payment methods.
The FBI urges consumers to treat any demand for immediate payment — especially through cryptocurrency — as a red flag and to contact authorities before sending money.
LISTEN on the Audacy App
Tell your Smart Speaker to "PLAY 1080 KRLD"
Sign Up to receive our KRLD Insider Newsletter for more news
Follow us on Facebook | Twitter | Instagram | YouTube