Rising Bitcoin ATM Scams Prompt Calls for Stricter Regulations
Scammers increasingly use bitcoin ATMs to target victims, with nearly $250 million lost in 2024, prompting warnings and legal actions. Victims, often elderly, are convinced to deposit large sums into these machines, which are difficult to recover from. Authorities and advocacy groups call for stricter regulations, but some companies deny involvement or knowledge of scams. A rare positive outcome involved a victim saved by a vigilant bystander and police intervention.