U.S. Crypto ATM Scams Rise Sharply in 2025, Targeting Elderly
Crypto ATM scams in the U.S. surged in 2025, with losses reaching $246 million in 2024, marking a 99% increase from the previous year. Over 43% of the victims were aged 60 and above, highlighting the vulnerability of elderly users. Legal actions have been initiated in Iowa and Washington, D.C., against Bitcoin Depot, CoinFlip, and Athena Bitcoin for hidden fees and inadequate warnings.
In response, several states, including Illinois, have implemented measures such as capping fees at 18%, limiting new user transactions to $2,500 daily, and mandating scam alerts. The Iowa Supreme Court ruled that operators could retain funds in fraud cases due to user agreements. Additionally, over 20 states have advanced legislation to impose limits, warnings, and refund policies, while Spokane has banned 50 kiosks, following New Zealand's national ban. Federal efforts include a proposed fraud prevention act by Sen. Dick Durbin and warnings from the Treasury's FinCEN, as AARP advocates for nationwide protections for digital asset investors.