ST. PAUL — Minnesota Attorney General Keith Ellison has taken a proactive step in understanding the state’s crypto landscape by launching a survey aimed at gathering insights on Minnesotans’ experiences with cryptocurrency ATMs. This initiative seeks to demystify potential risks associated with these machines.
Ellison invites all residents who have interacted with any crypto ATM, even if just once, to allocate a few minutes of their time to participate in the survey. The survey can be accessed at www.ag.state.mn.us/Survey/Bitcoin-ATM. It encompasses questions that probe into users’ experiences, including the companies behind the ATMs they used, whether they received recommendations to try a crypto ATM, and if they faced financial losses during transactions.
An additional outreach effort involved emailing the survey directly to consumers who have utilized crypto ATMs managed by prominent operators in the market. This broader strategy underscores Ellison’s commitment to building a comprehensive understanding of consumer interactions with this growing technology.
“Scammers and fraudsters are constantly developing new tools and tactics to steal money from hardworking Minnesotans,” said Ellison in a recent news release. He emphasized the growing role of crypto ATMs in these schemes, stating, “It is essential for us to keep pace with them.” His concerns stem from the recent rise in scams facilitated by these ATMs, which often make it challenging to trace transactions back to their origin. Ellison advises consumers to reconsider using crypto ATMs for their purchases, suggesting that there are safer alternatives for acquiring cryptocurrency.
This move to collect data from users comes in the wake of a scam alert issued by Ellison on December 19, which highlighted the dangers associated with crypto ATMs. The survey and alert form part of a larger, ongoing investigation conducted by Ellison’s Consumer Protection Division into the dynamics of cryptocurrency ATMs. This initiative aims to empower consumers and equip them with the knowledge needed to avoid potential pitfalls.
While not inherently problematic, crypto ATMs have increasingly become popular tools for fraudsters. The anonymity of such transactions poses significant challenges for recovery efforts. According to the FBI, an alarming $246.7 million was lost in scams linked to cryptocurrency ATMs in 2024 alone. Adding to the concern, the Attorney General of Washington, D.C., recently filed a lawsuit against Athena Bitcoin, a leading crypto ATM operator, alleging a staggering 93% of transactions at their ATMs were associated with scams.
Minnesotans who find themselves victims of scams involving crypto ATMs are encouraged to report their experiences both to local law enforcement and the Minnesota Department of Commerce. Additionally, they are invited to share their insights by completing the survey or filing complaints with the Attorney General’s Office. This feedback loop is vital for regulators to tackle the evolving landscape of cryptocurrency transactions and ensure consumer protection.
