Bitcoin ATM Scam Losses Increased 10x in Just Three Years [Yahoo! Finance]
Bitcoin Depot Inc. - Class A (BTM)
Company Research
Source: Yahoo! Finance
The Federal Trade Commission (FTC) noted a dramatic increase in consumer losses from bitcoin ATM scams, with reported losses rising nearly tenfold since 2020, exceeding $110 million in 2023. Older adults, particularly those over 60, are more than three times as likely to fall victim to these scams. Scammers often impersonate government officials, businesses, or tech support agents, creating a sense of urgency to deceive victims into depositing money into bitcoin ATMs using a provided QR code. While bitcoin ATM operators claim to have implemented fraud prevention measures, incidents persist, and the FTC suggests consumers avoid using bitcoin ATMs when prompted by unknown parties. Losses from bitcoin ( BTCUSD ) ATM scams soared above $110 million in 2023, a nearly tenfold increase in just three years, new data from the Federal Trade Commission (FTC) shows. And the scams are only increasing in pace. In the first six months of 2024, the FTC disclosed that losses to bitcoin ATM
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BTM
News
- The bitcoin ATM has emerged as one of cryptocurrency's biggest threats [CNBC]CNBC
- Bitcoin ATM scams are soaring — and older adults are increasingly the victims [CNBC]CNBC
- Bitcoin ATM scams are soaring — and older adults are increasingly the victims [MSNBC.com]MSNBC.com
- Australia Leads the World in Crypto ATM Growth as Kiosks Pour in [Financial Post (Toronto, Ontario, Canada)]Financial Post
- Bitcoin Depot Second Quarter 2024 Earnings: EPS: US$0.66 (vs US$1.02 loss in 2Q 2023) [Yahoo! Finance]Yahoo! Finance
BTM
Earnings
- 11/13/23 - Miss
BTM
Sec Filings
- 9/23/24 - Form 4
- 9/23/24 - Form 3
- 9/23/24 - Form SC
- BTM's page on the SEC website