Crypto ATMs: $388 Million in Losses and a Chilling Warning from the CFTC

$388.98 million in reported losses in 2025 from scams involving crypto ATMs in the United States. This FBI figure has prompted the CFTC to issue a highly direct warning: no legitimate government agency, bank, or business will ever ask a customer to transfer money using a crypto ATM. Losses surged by 58% in a single year, with over 13,400 complaints. And individuals over 50 bore the heaviest burden.

Crypto: Losses Skyrocket by 58%

Scams utilizing crypto ATMs join an already heavily industrialized crypto fraud ecosystem. According to the FBI, 13,460 complaints involving crypto kiosks were registered in 2025, totaling exactly $388.98 million in reported losses.

The number of complaints rose by 23%, while the amount of money lost increased much faster: +58%.

Those over 50 accounted for more than half of the complaints and accumulated over $302 million in losses on their own.

However, an important nuance remains. The FBI specifies in its official data that the $388 million cannot be attributed exclusively to crypto ATMs. Some scams combine multiple payment methods before directing a portion of the funds through a crypto kiosk.

The CFTC Describes an Almost Mechanical Scenario

The trap often begins far from the ATM. A fraudster poses as a bank employee, government agent, technical support representative, or financial advisor. They then report a compromised account, an urgent debt, or a threat to the victim’s savings.

The victim then withdraws cash, goes to a crypto ATM, and scans a QR code provided by the scammer. The cash is converted into cryptocurrency and sent to a wallet controlled by the criminal. Once the transaction is confirmed, recovering the funds becomes extremely difficult.

This mechanism is reminiscent of crypto phishing campaigns that already exploit the identity of major companies to gain victims’ trust.

The CFTC now emphasizes a simple reflex: hang up or end the conversation and directly contact the organization that supposedly initiated the request. Urgency, secrecy, mandatory QR codes, and detailed instructions to move money are all key red flags.

The Crypto ATM Becomes the Final Link

The problem, therefore, is not necessarily the ATM itself. It primarily serves as an excellent exit point for the fraudster: immediate cash conversion, rapid transfer to a wallet, and the impossibility of simply canceling the transaction as one might with a traditional bank payment.

Fraudsters exploit the same psychological mechanisms found in fake investment schemes. A recent $24 million crypto Ponzi scheme also relied on trust, financial promises, and explanations complex enough to disorient victims.

The CFTC is not advising against any legitimate use of crypto ATMs. Its warning specifically targets a precise scenario: if someone contacts you and orders you to use a kiosk to « protect » or transfer your money, you must consider the request highly suspicious.

The $388 million gives an idea of the cost of failing to stop before scanning that QR code.

In Brief

• $388.98M in losses were reported in frauds involving crypto ATMs in 2025.
• Losses increased by 58% year-over-year.
• The FBI recorded 13,460 complaints.
• Those over 50 accumulated over $302M in losses.
• The CFTC warns that no legitimate institution will ever ask to move money via a crypto ATM.
• The $388M is not necessarily attributable exclusively to the kiosks.