Central Bank warns of Bitcoin ATM scams; US losses near $400 million, elderly most affected

Taiwan's Central Bank has issued a warning regarding the escalating threat of Bitcoin ATM scams in the United States, citing significant financial losses incurred by victims. These fraudulent activities, which utilize cryptocurrency ATMs, have become a growing concern for U.S. law enforcement and regulatory bodies.

According to the U.S. Federal Trade Commission (FTC), reported losses from Bitcoin ATM scams have surged nearly tenfold since 2020. In 2023, these losses exceeded $110 million, with the first half of 2024 alone reporting over $65 million in damages. The median loss per victim is approximately $10,000, and individuals aged 60 and above are disproportionately affected compared to younger demographics.

Further data from the U.S. Federal Bureau of Investigation (FBI) indicates that in 2025, over 13,400 reports of cryptocurrency ATM scams were received, totaling more than $388 million in losses, a 58% increase from the previous year. More than half of these victims were over 50 years old.

Common scam tactics involve perpetrators impersonating government agencies, police, or bank officials. They falsely inform individuals that they are involved in criminal activities, have account issues, or need to pay a security deposit. Victims are then instructed to use Bitcoin ATMs to deposit cash and transfer the purchased cryptocurrency to a specified digital wallet. The irreversible nature of cryptocurrency transactions makes recovering these funds extremely challenging once they are sent.

In response to the rising number of cases, various U.S. state governments are intensifying their investigations into illicit gains and strengthening regulatory measures. This includes requiring Bitcoin ATM operators to display prominent fraud warnings, reminding the public that official institutions will not request funds via these machines. Discussions are also underway in the U.S. about potentially restricting or banning certain cryptocurrency ATMs, which could impact public perception of digital assets.