Crypto scams are increasingly using Arizona’s network of about 600 cryptocurrency ATMs to target victims, especially older residents.
In response, Attorney General Kris Mayes has released a public warning and introduced new ways for people to report and recover losses.
Mayes shared that Arizona residents lost roughly $177 million through these schemes in 2024. She cautioned that anyone urging others to use a crypto ATM to send money is likely involved in a scam.
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Mayes said, “My message to Arizonans is this: be careful around the physical cryptocurrency ATMs we’re seeing pop up around the state”.
To support affected individuals, her office has launched a complaint form for reporting incidents. Victims are encouraged to file within 30 days, which may help authorities trace funds before they disappear.
The rise in scams is not limited to Arizona. Across the United States, people reported losing $246 million through crypto ATM fraud in 2024. Federal data shows that nearly half of those victims were over 60 years old.
Scammers usually follow the same pattern. They call victims and pretend to be police officers, utility staff, or relatives in danger. The caller urges the person to withdraw cash and insert it into a crypto ATM, which converts the money into cryptocurrency that the scammer quickly withdraws.
Meanwhile, South Korea’s financial regulator is increasing its reliance on artificial intelligence (AI) to monitor cryptocurrency trading. What did the Financial Supervisory Service (FSS) say? Read the full story.
