CFTC warns of rising crypto ATM scams causing $388M in losses

The U.S. Commodity Futures Trading Commission (CFTC) and the FBI have issued warnings regarding a significant rise in cryptocurrency ATM scams. Reported losses linked to these kiosks exceeded $388 million in 2025, marking a 58% increase from 2024. Total complaints also rose by 23% nationwide.

Scammers typically use high-pressure tactics, impersonating government officials, law enforcement, or tech support agents to manufacture crises such as legal threats or compromised bank accounts. Victims are then directed to withdraw cash and deposit it into crypto ATMs, which convert the currency into digital assets that are sent to wallets controlled by the criminals. Because these blockchain transactions are immediate and irreversible, victims often have no way to recover their funds.

Data indicates that seniors are disproportionately affected; more than half of the kiosk-related complaints involved individuals over the age of 50, accounting for approximately $302 million in losses. The FBI noted that actual losses may be higher than reported due to underreporting by victims.