The FTC's report shows a massive increase in Bitcoin ATM scams, with $110 million scammed last year. This year alone, the figure has already reached $65 million just in the first half. If we compare this to 2020, there's been a tenfold increase in scams...isn't that alarming?

The main types of scams they use include "government impersonation," "business impersonation," and "tech support fraud." Scammers create urgent situations to convince victims to withdraw cash from their bank accounts and deposit it into a Bitcoin ATM using a QR code that links to the scammers' wallets.

And as usual, older adults are the most vulnerable to these scams, especially those 60 years and above.

Here’s a short video explaining Bitcoin ATM scams:

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https://www.ftc.gov/news-events/news/press-releases/2024/09/new-ftc-data-shows-massive-increase-losses-bitcoin-atm-scams
https://consumer.ftc.gov/