LAS VEGAS (KTNV) — The Nevada Secretary of State's Office is warning people of a recirculating scam connected to the use of cryptocurrency ATMs, also known as Bitcoin ATMs.
According to the North American Securities Administrators Association (NASAA), scammers are targeting people by contacting them with promises of an investment with high returns and low risk — often fabricating an urgent justification for victims to deposit cash into a Bitcoin ATM.
The scammers usually contact people via social media or by phone.
“Cryptocurrency continues to gain popularity for its accessibility, privacy and other advantages, but bad actors are taking advantage of the technology. Crypto transactions are designed to be anonymous and instantaneous — making it hard for the fraudster to be tracked and the losses to be recovered,” said Secretary of State Francisco Aguilar. “Scammers will contact people with promises of a great investment with fast returns and limited risk. Remember: If it sounds too good to be true, it probably is.”
State officials are also reminding people that most Bitcoin ATMs do not limit how much money you can deposit, do not verify the identities of senders and receivers of crypto transactions and do not have fraud prevention or reimbursement policies.
What you can do to protect yourself
According to the Secretary of State's Office, the first step to take is to slow down.
"Scammers want you to rush out to the nearest Bitcoin ATM, put in your money and send crypto to them. Pause, take a minute – If you have been directed by someone to make a payment using a Bitcoin ATM, it is very likely a scam," the secretary's office said.
Be cautious of unfamiliar links, unexpected phone calls, and suspicious computer pop-ups. If any of these ask you to withdraw cash, don't do it. Delete the message and mark it as spam or junk.
You should check before you invest, as scammers will often impersonate legitimate investment professionals, state officials said. They may do this through phony websites, emails, or social media accounts to bolster credibility, but legitimate businesses and investment professionals are required by law to have licenses to operate in Nevada.
Check with the Secretary of State's Securities Division by calling (702) 486-2440. You can also check the legitimacy of brokers and agents at BrokerCheck.finra.org, and investment advisers at AdviserInfo.sec.gov.
State officials say some scammers are also using A.I. to impersonate family and friends. You should confirm any "urgent pleas" these scammers fabricate with your actual family and friends. State officials recommend creating a password or phrase for family members to verify their identity in the case of emergencies.
To report investment fraud, visit the Nevada Secretary of State Securities Division Office webpage here.
If you believe you're a victim of investment fraud
Senate Bill 76, which was passed in 2025, created a statewide restitution fund for victims of fraud. This bill gives financial assistance to victims. More information on this fund can be found here.
More information on Bitcoin ATMs
