Seven Democratic senators in the US recently sent a letter to the 10 largest Bitcoin ATM operators in the country, urging them to address cryptocurrency scams targeting American seniors. The letter was sent to Athena Bitcoin, Bitcoin Depot, Bitstop, Byte Federal, Cash2bitcoin, Coinflip, Coinhub, Margo, Rockitcoin, and Unbank.

The letter states, "We urge you to take immediate action to address the problem of Bitcoin ATM machines (BTMs) being used to facilitate widespread financial fraud against America's seniors." The senators claim that cryptocurrencies like Bitcoin "have long been linked to criminal activity" and that "the relative anonymity and irreversibility of cryptocurrency transactions make them particularly attractive to scammers."

The letter also cites data from the FBI and FTC, showing that losses from BTM scams skyrocketed from $12 million in 2020 to $114 million in 2023. It adds that seniors "are more than three times as likely to report losses using BTMs than younger people."

The senators are demanding that the companies take stronger measures to prevent scams and ensure their ATMs are not abused. They have requested a response from the companies by October 4th, detailing the current measures in place. (Bitcoin.com)