Bitcoin ATM fraud reached unprecedented levels in 2025, with scammers reportedly siphoning off ₹2,824 crore ($333 million) from unsuspecting investors in the United States, according to a statement from the Federal Bureau of Investigation (FBI). The surge highlights the growing risks associated with digital financial transactions and the increasing targeting of cryptocurrency users by criminals.
According to the FBI’s Internet Crime Complaint Center (IC3), more than 10,000 individuals fell victim to bitcoin ATM-related scams in 2025 alone. Most cases involved fraudsters impersonating banks or well-known companies, alerting victims to supposed suspicious activity on their accounts, and instructing them to deposit money into bitcoin ATMs. Once deposited, the funds were directly routed into the scammers’ accounts, leaving victims with little recourse.
“Based on IC3 reporting, data from January to November 2025 shows over 12,000 complaints and more than ₹2,826 crore ($333.5 million) in monetary losses, an increase compared to the same period last year,” the FBI said in an emailed statement to Business Insider. This trend underscores the growing sophistication and prevalence of crypto-related scams in the U.S.
Record-Breaking Losses in 2025
The rise in bitcoin ATM fraud coincides with the rapid expansion of bitcoin ATMs in the country. By 2024, the United States hosted over 30,000 bitcoin ATMs, accounting for more than 81% of such machines worldwide, according to Finance Magnates. This growth has created a fertile environment for scammers to exploit less tech-savvy users, especially older adults.
Data from the Federal Trade Commission (FTC) shows that losses from bitcoin ATM fraud have more than doubled over the past two years. Reported losses totaled ₹627 crore ($78 million) in 2022 and ₹916 crore ($114 million) in 2023, highlighting the accelerating financial impact of such scams. The FTC also noted that cryptocurrency fraud tends to be far more financially damaging than other types of fraud, with the median loss reported in 2024 at ₹44.8 lakh ($5,400), compared with ₹36,000 ($447) for general fraud cases.
Older Adults Hit Hardest
Older adults are particularly vulnerable. FTC data shows that victims aged 60 and above accounted for 71% of bitcoin ATM-related losses in the first half of 2024, totaling ₹382 crore ($46 million). Experts attribute this susceptibility to a combination of trust in traditional institutions and unfamiliarity with digital payment systems.
Authorities Issue Urgent Warnings
Authorities have warned that legitimate businesses and government agencies will never request payment in bitcoin or other cryptocurrencies. The FTC advises users to double-check phone numbers and contact companies directly when receiving unsolicited calls or emails. Scammers often pressure victims to complete transactions quickly, making it essential to slow down and verify all requests.
Beyond bitcoin ATMs, cryptocurrency continues to be exploited in a range of scams, including “pig-butchering” investment schemes and phishing attacks. The FTC emphasizes vigilance and awareness, noting that education remains the most effective tool for protecting individuals from falling victim to digital currency fraud.
Experts also stress the importance of reporting fraud promptly. Timely complaints not only help authorities track and disrupt criminal networks but also raise public awareness of evolving scam tactics.
With bitcoin and other cryptocurrencies steadily increasing in popularity, the FBI and FTC urge users to exercise caution, particularly when dealing with unfamiliar platforms or individuals requesting immediate transfers. As the digital financial landscape expands, cybersecurity literacy and proactive safeguards are more critical than ever.
About the author – Ayesha Aayat is a law student and contributor covering cybercrime, online frauds, and digital safety concerns. Her writing aims to raise awareness about evolving cyber threats and legal responses.
