The Commodity Futures Trading Commission has issued a consumer advisory warning about the risks of cryptocurrency ATMs, the cash-to-crypto kiosks that have spread across the country. The FBI recorded approximately 11,000 complaints related to these machines in 2024, totaling about $247 million in losses, a 99% increase from the prior year. By 2025, losses exceeded $388 million across more than 13,400 complaints. The Federal Trade Commission reported that the median loss per crypto ATM scam victim was $10,000 in the first half of 2024. Several states have begun taking action: Indiana has banned these machines outright, while others are considering transaction caps.
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