The bitcoin ATM has emerged as one of cryptocurrency's biggest threats
Publishing timestamp: 2024-09-08 09:19:26
Summary
The FTC warns that bitcoin ATM fraud is on the rise, with losses exceeding $120 million in 2023 in the U.S. Bitcoin ATMs are vulnerable to physical and cyber threats, making them prime targets for hackers. The decentralized nature of bitcoin makes transactions irreversible, leading to increased risks for users. Steps to protect against scams include verifying legitimacy of transactions and using licensed ATMs from reputable operators. Bitcoin Depot, the largest operator of bitcoin ATMs, claims their machines are designed to deter hackers, but users still need to remain vigilant and skeptical.
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Source: https://www.cnbc.com/2024/09/08/biggest-risks-of-accessing-crypto-through-bitcoin-atm.html