[Members of Congress call on top 10 Bitcoin ATM companies to address cryptocurrency fraud]
Seven U.S. Senate Democrats sent a letter to the top 10 U.S. Bitcoin automated teller machine (ATM) operators on Friday asking them to address cryptocurrency scams targeting seniors.
The letter, co-signed by Senators Richard J. Durbin, Richard Blumenthal, Elizabeth Warren, Tina Smith, Sheldon Whitehouse, Peter Welch, and Jack Reed, was sent to Athena Bitcoin, Bitcoin Depot, Bitstop, and others. "We ask that you take immediate action to respond to reports that Bitcoin ATMs are facilitating fraud targeting seniors," the letter stated.
Lawmakers stressed that cryptocurrencies have been linked to criminal activity and that the anonymity and irreversibility of transactions make them attractive to scammers. As more companies set up Bitcoin ATMs, the impact of scams on seniors has increased significantly.
The letter cited FBI and FTC data showing that from 2020 to 2023, Bitcoin ATM-related fraud losses surged from $12 million to $114 million, with older people three times more likely to be victimized than younger people. many.
Lawmakers asked the companies to take steps to prevent fraud and respond by October 4 with details of the preventive measures they have put in place.
