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FTC: Over $110 million lost to Bitcoin ATM scams in 2023 (www.bleepingcomputer.com)

submitted 2 months ago by [email protected] to c/[email protected]

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The U.S. Federal Trade Commission (FTC) has reported a massive increase in losses to Bitcoin ATM scams, nearly ten times the amount from 2020 and reaching over $110 million in 2023.

Bitcoin ATMs are typically located in convenience stores, gas stations, and other busy areas, but instead of dispensing cash like the traditional ATMs they resemble, they allow you to buy and sell cryptocurrency.

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[–] [email protected] 2 points 2 months ago

I feel like it is the 0.1% of cases, as anyway they're still required to do KYC procedures

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