The U.S. Federal Trade Commission (FTC) has issued a warning regarding a sharp rise in Bitcoin ATM-related scams, with incidents increasing tenfold. Scammers are increasingly exploiting Bitcoin ATMs to trick victims into transferring funds under the guise of false promises, such as lottery wins, investments, or even impersonating government agencies.
The FTC emphasized that scammers often instruct victims to deposit cash into Bitcoin ATMs and send the cryptocurrency to untraceable wallets, making it nearly impossible to recover the funds. The rise in such scams has led authorities to urge greater caution when using Bitcoin ATMs and to avoid sending money based on unsolicited requests.
Consumers are being advised to verify any claims or requests before making transactions and to report suspicious activities immediately. This surge in scams underscores the need for stronger consumer protections and awareness in the rapidly evolving cryptocurrency space.
