Americans reported $246 million in losses linked to crypto ATMs in 2024, with 43% of victims over age 60, according to FBI data.
Scammers are increasingly exploiting Arizona’s approximately 600 crypto ATMs to defraud consumers, particularly older adults, prompting Attorney General Kris Mayes to issue an urgent warning and launch new tools to help victims recover funds.
Arizonans lost over $177 million to crypto ATM scams in 2024 alone, Mayes announced Monday, warning that anyone directing consumers to use crypto kiosks represents a “very, very high chance” of running a scam.
“My message to Arizonans is this: be careful around the physical cryptocurrency ATMs we’re seeing pop up around the state,” Mayes said in a statement.
The office also launched a new complaint form for victims, urging them to report scams within 30 days to improve the odds of recovery.
The warning comes as crypto ATMs face mounting scrutiny nationwide, with Americans reporting $246 million in losses linked to the machines in 2024, with about 43% of victims over age 60, according to FBI data.
The scams typically follow a familiar pattern: victims receive urgent calls from impostors claiming to be law enforcement, utility companies, or loved ones in distress, and are then pressured to withdraw cash and deposit it into crypto ATMs.
“Crypto ATMs aren’t just risky because people don’t understand crypto; the machines themselves are built in a way that scammers can easily abuse,” cybercrime consultant David Sehyeon Baek told Decrypt.
Around 31,339 crypto ATMs had been installed across the U.S., according to CoinATMRadar data.
“Unlike exchanges or wallets, he explained, there’s usually no account, no fraud desk, and no cooling-off period, so once the money is sent, it’s effectively gone,” Baek added.
Last year, Arizona enacted a law regulating crypto kiosks.
The legislation requires crypto ATM operators to display multilingual fraud warnings, provide 24/7 live customer support, and cap daily transactions at $2,000 for new customers and $10,500 for existing users.
The measure was the only crypto-related legislation Governor Katie Hobbs signed in 2025, having vetoed four Bitcoin-related bills, including the “Arizona Strategic Bitcoin Reserve Act.”
Arizona joins several jurisdictions implementing restrictions on crypto ATMs, such as Spokane and Illinois.
Crypto ATM operators have recently faced multiple penalties and enforcement actions as part of efforts to curb fraud, including a settlement this month involving Bitcoin Depot, which agreed to a $1.9 million deal with Maine regulators tied to scam-related transactions at its machines.
People don’t change behavior quickly, and “scammers are experts in psychology and human behavior,” Baek said, adding that “stronger safety measures and a bit more friction” at crypto ATMs could reduce fraud without seriously hurting user experience.
Mayes pointed out that no legitimate company or government will ever request crypto ATM deposits, urging consumers to independently verify any urgent payment requests and consult trusted advisors before making large financial transactions.
