CandleFocus Lawmakers Call on Top 10 Bitcoin ATM Firms to Address Crypto Fraud Concerns
2024-09-15
Author: Content Editor
Seven Senate Democrats have written a letter to the 10 largest bitcoin ATM operators in the U.S., urging them to address the growing issue of crypto fraud targeting elderly Americans. The lawmakers claim that scammers are taking advantage of the anonymity of cryptocurrency transactions to steal from seniors through bitcoin ATMs. They have called on the companies to implement stronger measures to combat the rise in crypto fraud. Between 2020 and 2023, reported losses from bitcoin ATM scams increased from $12 million to $114 million, with elderly individuals being more than three times as likely to report a loss compared to younger adults.
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