TechFlow News, February 3: According to Decrypt, Arizona Attorney General Kris Mayes issued a warning about cryptocurrency ATM scams and launched a scam reporting tool on Monday, urging victims to report their losses within 30 days. FBI data shows that U.S. citizens lost as much as $246 million to cryptocurrency ATM scams in 2024, with 43% of victims aged over 60. Arizona residents alone lost over $177 million to such scams in 2024.
Scammers typically impersonate law enforcement officers, utility companies, or family members, pressuring victims to deposit cash into cryptocurrency ATMs. Last year, Arizona passed legislation requiring cryptocurrency ATM operators to display multilingual scam warnings, provide 24/7 customer support, and cap daily transaction limits for new customers at $2,000 and for existing users at $10,500. Mayes emphasized that any request for consumers to deposit funds via a cryptocurrency ATM is highly likely to be a scam.
