Friday, June 21, 2024

The Federal Trade Commission has issued a public alert regarding a new cryptocurrency ATM scam

There is a new fraud that is flourishing in the market under the name of crypto ATMs. The Federal Trade Commission of the United States has made the public aware of the scam. Usually, the fraud consists of majorly three scams including a QR scan code, an impersonator, and a crypto ATM.

How will the fraudster fool you?

FTC has created a red alert to make people alert of these frauds. The officials of FTC told the public that, the cheaters will appear to be officials or certain agents to make you believe in them. These fraudsters also make clever use of dating sites to impersonate themselves as eligible partners of victims. By winning the trust of their victims, they entangle them in fraud. Sometimes, the so-called officials or fraudsters claim that the victim has won a prize. Ultimately, they will ask you to invest in monetary form in the scam. In case, the victim trusts the scammer and invests money, then the fraudster will ask to withdraw the amount followed by a visit to crypto ATM.

Once, you are in the crypto ATM, you will be asked to purchase crypto using a QR code. The QR code is of the fraudster’s account and when you will make a purchase using that QR code, the crypto purchased by you will be transferred to the fraudster’s account.

What did FTC say on the matter?

After analyzing the situation, an official named Cristina Miranda of FTC made a clear statement that no official or agent will ask you to pay them in form of cryptocurrency.

Cryptured Team
Cryptured Team
The writers team at is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.

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