Latest News

FBI Warns The Public, Highlights Bad Actors Stealing Crypto Using Bitcoin ATMs

So, The Federal Bureau of Investigation-FBI sends warning to the public about scammers. Notably, they use Bitcoin (BTC) ATMs and QR codes to defraud unsuspecting victims.

Recently, during a public service announcement, The FBI states says seeing increase of incidents scams. Especially, through telling their victims to deposit money to a cryptocurrency ATM using a QR code to a digital wallet.

More so, The agency notes how these bad actors solicit money from their victims. Especially, using many fraudulent schemes like online impersonation, romance and lottery schemes.

More so, The FBI explains further.

“The scammer then directs the victim to a physical cryptocurrency ATM to insert their money,..”
“purchase cryptocurrency, and use the provided QR code to auto-populate the recipient address…”

Additional, The FBI explains further.

“Often the scammer is in constant online communication with the victim…”
“and provides step-by-step instructions until the payment is completed.”

Lastly, The agency explains how the nature of crypto assets makes it hard to recover the victims’ money.

Additionally, this means the stolen funds goes overseas right away without track or bank verification.

So, The FBI continues.
“This differs from traditional bank transfers or wires where a payment transaction can remain…”

Furthermore, Then, The agency adds.
“pending for one to two days before settlement. It can also make law enforcement’s recovery of…”
“the funds difficult and can leave many victims with a financial loss.”

Then, The FBI concludes.

Galaxy Interactive Rises Additional $325M Fund For Metaverse and Next Gen…>>

Photo credit –

Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.