Cryptocurrency Kiosk Scams Swindle $388 Million in 2025
Cryptocurrency kiosks, also known as cryptocurrency ATMs or Bitcoin ATMs, have become popular targets for scammers. These machines allow customers to exchange cash for cryptocurrency and are often located in convenience stores and gas stations. In a 2024 column, Randy Hutchinson, president and CEO of the Better Business Bureau (BBB) of the Mid-South, warned about the potential for scams involving these kiosks.
According to an FTC report cited by Hutchinson, fraud losses involving cryptocurrency kiosks topped $64 million in the first six months of 2024 - a staggering $128 million annualized. The FBI issued an alert in May, noting that its Internet Crime Complaint Center (IC3) received 13,460 complaints of fraudulent activity involving cryptocurrency kiosks in 2025, with losses exceeding $388 million.
The alert broke down the numbers by state, revealing that Tennessee had 348 complaints and $15 million in losses. Hutchinson noted that many state Attorneys General, financial regulators, and financial institutions have issued alerts about the potential for scams involving cryptocurrency kiosks.