More than 600 Bitcoin ATMs closed in past two months

Investigative agencies, especially in the US, are shutting down more and more Bitcoin ATMs because of fraud cases.

According to data from Coin ATM Radar went over 600 in July and August 2024. Bitcoin vending machines offline. In this regard, the US recorded by far the most closures. The global network of Bitcoin ATMs lost 435 in July and 182 in August. In the US alone, 411 ATMs were shut down in July and 258 in August. Global net losses were lower as new Bitcoin ATMs were installed in other countries.

Investigative agencies, especially in the United States, are actively seeking Bitcoin ATMs to tackle extortion and fraud. According to the Federal Trade Commission (FTC), the number of fraud cases involving these ATMs has increased tenfold since 2020.

Losses from Bitcoin ATM fraud would have exceeded $110 million by 2023, with mostly elderly people over the age of 60 falling victim.

According to Coin ATM Radar, there are 38,790 crypto ATMs worldwide (status: Sept. 5, 2024). Of the Bitcoin ATMs, 91% are in the US and Canada. The ten largest operators own as much as 74% of all ATMs worldwide. The provider "Bitcoin Depot" stated that it has implemented "fraud alerts" and "screen notifications {...} warning customers of potential fraud."