Americans are losing millions to scammers at crypto ATMs

CNN's investigation finds that US crypto ATM companies profit from scams while doing too little to stop them, a claim the companies strongly dispute. Its review of more than 700 criminal cases and complaints found the firms often mark up cryptocurrency prices by 20% to 30% or more, and the FBI reported about $240 million in losses to crypto ATM scams in the first six months of the year. The FTC found fraud losses involving the machines rose from about $12 million in 2020 to $114 million in 2023. Bitcoin Depot said scams account for only a very small share of its transactions.