About this episode
In this eye-opening clip from Black Out with Ian & Rashad, the hosts Rashad Bilal and Ian Dunlap break down the shocking rise of bitcoin ATM scams sweeping the nation. Joined by political investigative reporters, the team dives into a recent report highlighting how unsuspecting victims are being lured into pouring thousands of dollars into crypto ATMs, only to lose their hard-earned cash to sophisticated global scammers. The discussion begins with a real-life victim’s story: Gus Cason, who lost $15,000 after being convinced by a scammer pretending to be the president of his bank. Learn how scammers use crypto ATMs as "getaway cars," making stolen money nearly impossible to recover. The team uncovers how even the crypto ATM companies profit from these fraudulent transactions—sometimes charging outrageous fees up to 30%—and how they aggressively fight in court to keep recovered scam funds. Rashad and Ian offer sharp analysis about the timing of these scams, connecting the spike in fraud to the tail end of the current bitcoin bull run. They debate whether big institutions like banks entering the bitcoin space may help protect consumers, and highlight the dangers of sending crypto: miss one letter, and your money is gone with little hope of recovery! The hosts stress that Bitcoin itself isn’t a scam, but warn listeners about how easily cryptocurrency can be weaponized in these attacks, especially against vulnerable groups like the elderly. You’ll also hear their predictions on the future of crypto markets, how banks becoming custodians of bitcoin could shape the financial landscape, and what you should watch out for as scammers get smarter thanks to artificial intelligence. If you’ve ever wondered how crypto scams really work, how to protect yourself, or where bitcoin is headed next, this clip is for you. Be smart, stay aware, and don’t fall victim to the latest wave of bitcoin ATM fraud! **Hashtags:** #BitcoinATM #CryptoScam #BlackOutPodcast #FinancialLiteracy #BitcoinFraud #IanDunlap #RashadBilal #CryptoNews #Blockchain #BitcoinBullRun #CryptoSafety #DigitalCurrency #ScamAlert #PodcastClip #FinancialEducation See omnystudio.com/listener for privacy information.