The FTC estimated that consumers reported losing $114 million to Bitcoin ATM scams in 2023, up from $12 million in 2020. The agency describes that rise as nearly tenfold. These are estimated losses identified in consumer reports—not a count of every scam or a measure of all losses. The practical rule is simple: no legitimate government agency or business will direct you to use a Bitcoin ATM to protect your money or fix an account problem.
What the FTC’s figures show
The Federal Trade Commission’s September 2024 data spotlight estimated reported losses tied to Bitcoin ATM scams at $114 million in 2023, compared with $12 million in 2020. The FTC called the increase nearly tenfold. The year-by-year estimates were:
| Period | Estimated reported losses |
|---|---|
| 2020 | $12 million |
| 2021 | $33 million |
| 2022 | $78 million |
| 2023 | $114 million |
These estimates come from keyword analysis of Consumer Sentinel Network report narratives. The FTC cautions that fraud is widely underreported, so the amounts likely represent only a fraction of actual harm. They are not a census of all losses, and they do not establish that every reported transaction involved a machine limited to Bitcoin. The FTC notes that machines commonly called Bitcoin ATMs may handle other cryptocurrencies too.
The FTC also reported that people lost more than $65 million to Bitcoin ATM scams in January through June 2024; its spotlight table rounds that figure to $66 million. That half-year amount should not be treated as a full-year total or directly compared with a calendar-year figure as if the periods were equal.
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How the scam works
A scammer may contact someone unexpectedly, claiming there is suspicious account activity, an unauthorized charge, or a criminal allegation. The caller or texter creates urgency and keeps the person engaged, then tells them to withdraw cash from a bank, investment, or retirement account and deposit it into a cryptocurrency ATM.
The scammer may send a QR code for the victim to scan at the machine. The code can direct the cryptocurrency to a wallet controlled by the scammer. Once the transfer is complete, the victim may not be able to recover the funds.
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The FTC’s consumer guidance is unambiguous: legitimate businesses and government agencies will not tell you to use a Bitcoin ATM, buy gift cards, or move money to protect it or resolve a problem. Its March 2024 alert asks, “Is there a legit reason for someone to send you to a Bitcoin ATM?” and answers, “The short answer is NO.”
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Who is being targeted—and what the 2024 figures mean
For January through June 2024, the FTC said people over 60 were more than three times as likely as younger adults to report losing money to a Bitcoin ATM scam. Across ages, the median reported loss in that same six-month period was $10,000. These figures describe reports in the first half of 2024; they are not annual totals or a prediction of an individual’s risk.
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What to do if someone directs you to a Bitcoin ATM
- Stop the conversation and do not withdraw cash. Do not follow instructions from an unexpected call or message to “protect” money, investigate an account, or fix a problem by using a Bitcoin ATM.
- Verify the claim independently. If the issue might be real, contact the bank, business, or agency using a phone number, website, or app you already know is genuine. Do not rely on contact details supplied by the suspicious caller or message.
- If you already moved money, contact the real financial institution promptly. Reach your bank, investment firm, or retirement account provider through its established channels and explain what happened.
- Report the incident to the FTC. Submit a report at ReportFraud.ftc.gov.
What these figures do—and do not—say
- They show reported harm, not all harm. The estimates are based on consumer report narratives, and many frauds go unreported.
- They are U.S. FTC reporting figures for stated periods. They do not establish a global rate or current-year losses.
- “Bitcoin ATM” is common shorthand. The machines may support cryptocurrencies other than Bitcoin, so the name does not prove which currency was involved in every report.
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