Bitcoin ATMs: 600 Machines Shut Down in Two Months – Fraud Cases Force the USA to Take Action
According to a report by Coin Kurier, over 600 Bitcoin ATMs worldwide were taken offline in the past two months. The USA was particularly affected, with law enforcement agencies stepping up efforts to prevent fraud associated with these machines. In July and August 2024, 435 and 182 ATMs, respectively, went offline globally. In the USA alone, 411 machines were shut down in July and another 258 in August.
The Federal Trade Commission (FTC) reports that the number of fraud cases involving Bitcoin ATMs has increased tenfold since 2020. Losses from such scams amounted to over $110 million in 2023, with elderly people being particularly affected.
Bitcoin Returns to August Levels Following US Labor Market Report
As reported by finanzen.net, Bitcoin's price dropped back to early August levels following the release of new labor market data from the USA. The value fell by about 4.6 percent to around $53,600 USD on the Bitstamp exchange. This development reflects a general risk aversion among investors due to mixed job data from the United States.
Crypto expert Timo Emden commented: "Investors are handling zero-interest and high-risk asset classes with caution." The latest data shows weaker employment growth along with slightly increased hourly wages, factors that fuel market uncertainty.
QR Code Scammers Entice with Bitcoin Paper Wallets
According to Springer Professional, there have been increased cases of so-called "Quishing" scams, where QR codes are used to deceive unsuspecting victims. In Munich, passersby recently found plastic bags containing supposed paper wallets with deposit slips for €10,000 euros.
The finders were prompted to scan the codes to gain access, but instead, they were redirected to fake websites where they were charged processing fees without ever receiving any actual funds. The Bavarian State Criminal Police Office has issued a strong warning against scanning unknown codes or divulging sensitive personal information, as significant financial damage can result. Affected individuals are advised to immediately inform their bank and the police if unauthorized debits are made, to enable reversal within the legal timeframe of eight weeks as per BGB §675x Abs.
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