The Washington, DC attorney general sues Athena Bitcoin, alleging undisclosed fees on deposits linked to scams. 93% of initial deposits were from scams. FBI reports 11,000 fraud complaints totaling $246 million from crypto ATMs in 2024. Athena faces deceptive trade practice charges and profited six figures from undisclosed fees.

Athena allegedly pocketed hundreds of thousands in undisclosed fees from scam victims in DC. Victims, mainly elderly, lost $8,000 per transaction. One victim lost $98,000. Athena’s lack of oversight allowed for illicit fraud transactions. Attorney general claims Athena permitted and profited from fraudulent transactions.

To avoid being scammed at crypto ATMs, users should not send funds to strangers or respond to random requests. Scammers pose as tech support or traders promising profits. Contact institutions through official channels. The US has 26,850 crypto ATMs, with Bitcoin Depot owning the largest share at 27.6%.

The banking industry also faces undisclosed fee scandals. Discover Bank had to return $1.2 billion in overcharged fees. Wells Fargo paid $3.7 billion in fines for illegal fees. Bank of America paid over $250 million for charging “junk fees.” Undisclosed fees are a common issue in the banking sector.

Read more at Cointelegraph: Athena Bitcoin Sued Over Undisclosed Fees On Crypto ATMs