Arizona Warns of Crypto ATM Scams After $177M in Losses
Arizona Attorney General Kris Mayes issued a statewide warning about the rising threat of crypto ATM scams, which cost residents over $177 million in losses in 2024. The FBI reported a 99% increase in such complaints nationwide, totaling more than $246 million. Scammers typically contact victims via phone or text, posing as banks, law enforcement, or relatives, and convince them to deposit cash into one of Arizona’s 600 crypto ATMs—after which funds are irrecoverable.
In response, Arizona implemented the Crypto Kiosk Licence Fraud Prevention law, capping daily transactions at $2,000 for new users and $10,500 for existing ones. Operators must now refund victims who file a police report within 30 days. The state has also placed physical "STOP" signs on Bitcoin ATMs and collaborated with law enforcement to raise awareness.
Legal actions are expanding beyond Arizona, with Washington D.C.’s Attorney General suing Athena Bitcoin after finding that 93% of its deposits in the first five months were scam-related, often targeting elderly victims.
TheNewsCrypto02/03 12:36
