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Photo courtesy of Yonhap News |
[Alpha Biz= Paul Lee] Reports of cryptocurrency-related scams in the U.S. have surged, with “Bitcoin ATM” phishing targeting older adults seeing explosive growth alongside increased ATM deployment.
According to the FBI, losses reported through Bitcoin ATMs reached USD 333.5 million (~KRW 4.8 trillion) as of November 2025, up about 33% from USD 250 million reported for all of 2024. In 2023, reported losses were USD 110 million. Rising Bitcoin prices and wider ATM adoption are cited as major factors behind the increase.
Over 45,000 Bitcoin ATMs are installed across the U.S. These kiosks allow cash deposits to be instantly converted into Bitcoin and sent to designated digital wallets globally.
Scammers often impersonate government agencies, banks, telecoms, IT companies, or lawyers, using urgent-sounding phone calls, texts, or emails. Victims are instructed to scan QR codes or follow links at the ATM, after which cash is converted to Bitcoin and sent to the fraudsters’ wallets. Once sent, funds are nearly impossible to recover.
The FBI’s Internet Crime Complaint Center (IC3) annual report revealed that cryptocurrency fraud, including Bitcoin ATM phishing, totaled 859,000 complaints with USD 16.6 billion in reported losses, a 33% increase from the previous year. Older adults are particularly vulnerable: individuals over 60 accounted for 147,000 complaints, with USD 4.8 billion in losses.
Cryptocurrencies’ global reach, real-time transfers, and difficulty of tracing or reversing transactions have made them attractive for fraud. In a recent lawsuit, the Washington D.C. Attorney General claimed that 93% of transactions via Athena Bitcoin, the largest U.S. Bitcoin ATM provider, involved “clear fraud.”
Alphabiz Reporter Paul Lee(hoondork1977@alphabiz.co.kr)
