CertiK Report Reveals Continued Crypto ATM Fraud With $333M Lost by 2025

Crypto ATMs’ minimal authentication and instant transactions allow criminals to turn cash into digital assets in minutes, often before victims notice.

A new report from blockchain security firm CertiK warns that crypto ATM scams are on the rise across the United States (US). In 2025 alone, criminals stole an estimated $333.5 million, highlighting the risks associated with cash-to-crypto kiosks.

This alarming loss is in part due to the design of crypto ATMs, which makes them an attractive target for criminals. Their structure allows for fast transactions with little verification of identity. This allows cash to be turned into digital assets in less than five minutes, often before victims even realize they have been targeted.

Crypto ATMs Become a Key Channel for Fraud

These products are often found in stores, gas stations, and shopping malls, making them easy to access for everyday users. Their ubiquity allows fraudsters to trick victims into making criminal referrals, bypassing on-screen warnings.

According to Certik, the US hosts about 78% of the world’s estimated 45,000 crypto ATMs, making it the largest market for these machines. This widespread presence contributes to the increase in incidents. As a result, the Federal Bureau of Investigation received more than 12,000 complaints from January to November 2025, an increase of 33% from 2024.

Many scams involve social engineering, where criminals persuade users to deposit money under false pretenses. The technical setup of ATMs exacerbates the problem, as they act as interfaces connected to the backend Crypto Application Server (CAS).

Funds usually come from hot wallets that are controlled by the operator rather than the customer directly. This design creates an “attribution gap,” meaning that blockchain records reflect transfers from operators, not victims. As a result, tracking stolen funds becomes more difficult.

Older Adults Face Higher Risks As Criminal Networks Expand

Older adults are especially vulnerable, accounting for around 86% of crypto ATM losses. In one case, the DC Attorney General’s Office found 93% of deposits in some Athena Bitcoin machines were fraudulent. The average victim was 71 years old, and limited familiarity with digital finance makes them prime targets for fraudsters.

Criminal gangs have developed these scams, using organized networks of lead generation, calls, and fraud. Some syndicates in Asia are expected to earn $16.1 billion by 2025, often using Telegram to coordinate quick transactions.

Common scams include impersonating government officials, fake tech support, romance scams, and emergency family plans. Fraudsters are increasingly using artificial intelligence, including deepfakes, to make these scams believable and effective.