[US Senators urge top 10 Bitcoin ATM companies to address crypto fraud targeting seniors] On September 15, seven Democratic senators in the United States recently wrote to the country's 10 largest Bitcoin ATM operators, urging them to address cryptocurrency fraud targeting senior Americans. The letter was sent to Athena Bitcoin, Bitcoin Depot, Bitstop, Byte Federal, Cash2bitcoin, Coinflip, Coinhub, Margo, Rockitcoin and Unbank. The letter stated: "We call on you to take immediate action to address the problem that Bitcoin ATMs (BTMs) are fueling widespread financial fraud targeting older Americans." The lawmakers said that cryptocurrencies like Bitcoin "have long been associated with criminal activities" and "the relative anonymity and irreversibility of cryptocurrency transactions make them particularly attractive to scammers." The letter also cited data from the Federal Bureau of Investigation (FBI) and the Federal Trade Commission (FTC). From 2020 to 2023, losses from BTM fraud soared from $12 million to $114 million. It added that older people are "more than three times more likely than younger people to report a loss using a BTM." The senators asked the companies to take stronger steps to prevent scams and ensure their cryptocurrency ATMs are not misused, giving the companies until Oct. 4 to respond with details of their current measures.

#BTC