Odaily Planet Daily report: According to data disclosed by the FBI to the legislative committee, Texas recorded $56.8 million in losses related to cryptocurrency ATMs in 2025, involving 1,179 complaints—the highest loss amount among all U.S. states. Nationwide, there were 13,460 related complaints, with reported losses increasing by 58% year-over-year to $389 million.
Cryptocurrency ATMs accept cash and exchange it for cryptocurrency, commonly located at gas stations and convenience stores. According to Texas Tribune statistics, there are approximately 4,000 such devices in Texas, and scammers trick victims into withdrawing money from their bank accounts and depositing it into these machines.
Jesse Saucillo, Deputy Commissioner of Banking in Texas, stated that recovering funds after they are transferred is nearly impossible, as the funds typically flow into non-custodial wallets and then through mixers and other obfuscation methods. He added that AI-generated impersonations of police and state agencies make phone-based scams more convincing.
AARP data shows that since 2023, approximately 30 U.S. states have enacted laws related to cryptocurrency kiosks. Indiana fully banned such devices in March, followed by Tennessee and Minnesota; Rep. Cole Hefner, chair of the Texas House committee, stated that the state is considering measures beyond regulation.