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Deadline Set for U.S. Victims of Cryptocurrency Fraud to File Claims for Refunds, 2026/02/03 09:24:33
Arizona Attorney General Kris Mayes has announced a new method for victims of fraud to file complaints regarding losses incurred through cryptocurrency ATMs. It is essential to report theft or loss of funds within 30 days to enhance the likelihood of recovering the money.
According to the attorney general’s office, residents of Arizona lost over $177 million in the previous year by transferring funds to scammers via cryptocurrency ATMs. Fraudsters are increasingly targeting elderly individuals, deceiving them into following their instructions, the attorney general reported.
Typically, the scheme begins with an unexpected phone call, email, or message through a messaging app. A stranger may claim that the individual has legal issues, their bank account has been hacked, or they have incurred debts. Often, scammers impersonate relatives, friends, law enforcement officials, utility services, or financial institutions to gain trust. Victims are then coerced into withdrawing cash from their bank accounts and depositing it into a cryptocurrency ATM. The funds are sent to the scammer’s address, making recovery nearly impossible, lamented the head of the oversight agency.
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Cryptocurrency ATMs resemble bank terminals and are increasingly being installed at gas stations, grocery stores, and retail locations. The agency estimates that there are around 600 such devices in Arizona. The attorney general referenced the Federal Bureau of Investigation, which reported a 99% increase in complaints regarding cryptocurrency ATM fraud in 2024, with more than two-thirds of victims being individuals over 60 years old. Last year, a lawsuit was filed against major cryptocurrency ATM operator Athena Bitcoin for failing to implement anti-fraud measures.
“Exercise caution with cryptocurrency ATMs that are appearing throughout the state. If someone asks you to use one, there is a high likelihood that you are being scammed,” the attorney general stated.
Last year, Arizona enacted a law imposing restrictions on the use of cryptocurrency ATMs: new customers are allowed to conduct daily transactions of no more than $2,000, while regular users have a daily limit of $10,500. The law also mandates that operators display warnings about potential fraud in multiple languages.
