Security News

2458 readers

1 users here now

founded 2 years ago

MODERATORS

jerry@infosec.pub

FTC: Over $110 million lost to Bitcoin ATM scams in 2023 (www.bleepingcomputer.com)

submitted 2 months ago by IllNess@infosec.pub to c/securitynews@infosec.pub

7 comments fedilink hide all child comments

The U.S. Federal Trade Commission (FTC) has reported a massive increase in losses to Bitcoin ATM scams, nearly ten times the amount from 2020 and reaching over $110 million in 2023.

Bitcoin ATMs are typically located in convenience stores, gas stations, and other busy areas, but instead of dispensing cash like the traditional ATMs they resemble, they allow you to buy and sell cryptocurrency.

you are viewing a single comment's thread
view the rest of the comments

[–] Moonrise2473@feddit.it 5 points 2 months ago

yes, but in that case you use your wallet or a crypto exchange, because the Bitcoin ATM fees (usually 15% + couple dollars fixed fee) negate this use case.

My mom needed $5 and then i send them by spending $5 in transaction fees and $5 in ATM fees.

For this use case you would save money with a western union or similar