Payments

Bitcoin ATMs see 600+ decrease in Q3 2024

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September 6, 2024

In the first two months of the third quarter 2024, more than 600 bitcoin ATMs went offline, with 435 going down in July and 182 in August. One reason for this trend is law enforcement shutting down bitcoin ATMs that are used for scams, according to a report by Coin Telegraph.

There has been more attention on bitcoin scams, with FTC data showing that scams cost more than $110 million in 2023. It also found that bitcoin scams have gone up tenfold since 2020.

Currently, there are 38,790 cryptocurrency ATMs in operation worldwide.