Has anyone lost money on Bitcoin?

By 2023, the cumulative losses reported by consumers have ballooned to over $110 million. This represents a nearly tenfold increase since the start of the observed period, highlighting the severity of the issue.

Recent statistics released by the Federal Trade Commission have painted a concerning picture regarding the surge in consumer losses associated with Bitcoin ATM scams.

Prior to 2020, reports of monetary losses tied to these machines were relatively low. However, in recent years, the trend has taken a sharp turn for the worse.

Specifically, the amount of money that consumers have reported losing to scammers involving Bitcoin ATMs has escalated at an alarming rate. From 2020 onwards, this figure has experienced a staggering growth.

The proliferation of Bitcoin ATMs, once seen as a convenient way to buy and sell cryptocurrency, has unfortunately become a hotbed for fraudulent activities. Scammers exploit vulnerabilities in these machines to trick unsuspecting users into parting with their hard-earned money.