The Delaware Attorney General’s Office is warning residents to be vigilant against bitcoin ATM scams.
A total of $111 million was lost as a result of bitcoin ATM fraud in 2023, according to data from the Federal Trade Commission. That amount has increased exponentially every year since 2020. The FTC said the vast majority of frauds are not reported.
Bitcoin ATMs look similar to traditional ATMs, but they exchange federal currency for cryptocurrency, like bitcoin. Bitcoin is one of the more popular cryptocurrencies at a price of about $94,000 on Sunday, Jan. 12.
There are numerous bitcoin ATMs in Delaware. In Wilmington, a few are concentrated in gas stations and convenience stores. The Attorney General’s Office said these ATMs can be dangerous because they:
- Do not limit daily transaction amounts – so there’s no limit to how much you can lose in a day.
- Charge high transaction fees that can eat up a substantial portion of the money you…
