Crypto ATM Scams Drain Over $388 Million from U.S. Consumers in 2025

The Commodity Futures Trading Commission (CFTC) has issued a warning about crypto ATM scams, which have resulted in over $388 million in reported losses during 2025. The CFTC notes that these scams often involve scammers providing victims with wallet addresses or QR codes and remaining on the phone while the victim completes the transaction.

Unlike traditional ATMs, crypto kiosks convert deposited cash into cryptocurrency, which is then transferred to a specified wallet. This transfer is typically immediate and irreversible, making it difficult for victims to recover their funds.

The CFTC warns that scammers often impersonate government agencies, banks, or other reputable companies to create a sense of urgency and trick victims into sending money via crypto ATMs. The agency advises consumers to be cautious when receiving unsolicited calls or messages about cryptocurrency transactions.