Staggering $9.3B Lost to Crypto Scams — FBI Rolls Out Eye-Catching Warnings at ATMs Nationwide
Crypto fraud hits record heights as FBI launches urgent new initiative to stop you from losing everything at crypto ATMs.
• $9.3 billion lost to crypto crime in 2024 alone
• FBI now deploying warning signs at Bitcoin ATMs
• Crypto ATM fraud cases growing rapidly nationwide
Cryptocurrency crime has exploded, with a jaw-dropping $9.3 billion lost to scams in just the past year, according to the latest FBI Internet Crime Complaint Center report. As digital assets go mainstream, criminals are engineering ever-bolder schemes, targeting regular people on a scale never seen before.
Now, with 2025 shaping up to be the riskiest year yet for crypto newbies, the FBI is fighting back with a bold new weapon — striking warning signs plastered on crypto ATMs. This shift comes as law enforcement scrambles to stem a tidal wave of heart-wrenching stories, like that of a Shaker Heights man who nearly lost $9,000 after scammers impersonated his jailed son and sent him rushing to his neighborhood Bitcoin machine.
Why Are Crypto ATMs a Magnet for Scams?
Crypto ATMs offer a lifeline for the “unbanked” — people without traditional bank accounts who need to move money quickly and privately. These machines, now found in convenience stores nationwide, let anyone convert cash into Bitcoin or other digital currencies with just a phone.
But this convenience comes with a dark side. Scammers know that, once funds are sent from a crypto ATM, there’s virtually no hope of recovery. The FBI’s Milan Kosanovich highlights that, while these devices are a legitimate gateway to global finance, their anonymity and speed make them irresistible to criminals plotting “send-money-now or else” schemes.
How Do Crypto ATM Scams Work?
Here’s how the typical scam unfolds:
- A criminal contacts the victim, urgently demanding money — often impersonating loved ones, law enforcement, or government officials.
- The victim is pressured to deposit thousands in cash at a nearby crypto ATM.
- Once the money is converted to crypto and sent, it’s nearly impossible to trace or reclaim.
One recent near-miss was only thwarted when a quick-thinking store clerk spotted the red flags and intervened before a transaction was completed. Most victims, however, aren’t so lucky. Scammers often use teams, scripts, and elaborate plots to pressure their targets into making irreversible decisions.
Q&A: What Are the FBI’s New Warning Signs All About?
Q: What exactly are these new FBI warnings at Crypto ATMs?
A: The FBI is distributing clear, attention-grabbing signs to Bitcoin ATM operators, urging anyone at the machine to pause and think twice if a stranger is telling them to send money.
Q: What do the signs say?
A: They warn against sending crypto if you’re being told to do so to avoid arrest, to help a supposed family member, or as part of any urgent “escrow” situation.
Q: Will these warnings be enough?
A: While helpful, experts say consumer education and vigilance from both shopkeepers and users remain essential.
How Can You Protect Yourself at Crypto ATMs in 2025?
If you’re being pushed to use a crypto ATM by anyone you don’t absolutely trust, hit the brakes. Always double-check the story with a direct call or message to the person supposedly involved. Never send money to someone you’ve only met online or through a phone call. Check listings and advice from trusted sites like FTC and IC3.
Take These Steps Now to Defend Against Crypto Scams
Stay smart and stay safe! Review this checklist before using a crypto ATM:
- Double-check the recipient’s identity — call directly, never trust unsolicited contacts.
- Walk away if you’re being pressured, threatened, or rushed.
- Read and heed new FBI warning signs at crypto ATMs.
- Report any suspicious approaches to local authorities and the FBI.
Don’t let scammers rob you blind — knowledge is your best defense. Share this checklist with friends and family before their next ATM visit!
