Earn Your Leisure Podcast

Episode: Bitcoin ATM Scams EXPOSED!

Hosts: Rashad Bilal, Troy Millings
Release Date: October 21, 2025
Network: iHeartPodcasts

Episode Overview

In this episode, Rashad and Troy delve into the rising wave of Bitcoin ATM scams that have hit American consumers—particularly the elderly—resulting in millions lost and raising tough questions about the accountability of crypto ATM operators. The discussion uses a dramatic real-life case to highlight how scammers prey on vulnerabilities, exploiting new fintech while existing legal and institutional protections lag behind. The hosts break down what listeners need to know to protect themselves in the rapidly evolving landscape of cryptocurrency.

Key Discussion Points & Insights

1. Rise of Bitcoin ATM Scams ("Scams as a Bull Run Signal")

• Intro to the Recent Scam Wave [01:57-04:40]:

  • Rashad introduces a CNN clip showing a real-life bitcoin ATM scam targeting a victim, Gus Cason, who was manipulated into depositing cash into a bitcoin ATM by a scammer.
  • CNN details how scammers often impersonate authorities (e.g., banks, law enforcement) to trigger panic and urgency.
    • "A scammer told Gus that he would be arrested unless he withdrew $15,000 in cash and deposited it in that crypto ATM. It looks like a normal ATM, but a crypto ATM is different. Put in cash and it converts it into cryptocurrency in an instant." — CNN Reporter [03:14]
  • The scale of the issue: victims like Gus have collectively lost around $240 million so far this year—double from the previous year.

• Victim Perspective [02:46-04:40]:

  • Elderly and technologically less-savvy individuals are typically targeted.
  • For Gus Cason, his experience ended with police recovering the money, but the ATM provider, Bitcoin Depot, went to court to reclaim funds, emphasizing their fine-print warnings and disclaimers.
    • "Bitcoin had no business getting that money at all. I mean, really, when, especially when it's a scam, you think that's fair? Well, hell no." — Gus Cason [04:31-04:38]

2. Crypto ATM Companies’ Responsibility and Legal Response

• Profit and Protection [03:42-04:40]:
  • ATM operators charge 20-30% service fees, profiting even when funds are sent to scammers.
  • Lawsuits have been filed accusing providers of profiting from fraud and lacking adequate customer safeguards.
  • Companies respond with warnings but often fight refunds in court, as with Bitcoin Depot.
  • Policy note: most terms place responsibility on the consumer, not the provider.

3. Crypto Security and Irreversibility

• No Recourse Culture [10:06]:

  • Rashad emphasizes the irreversible nature of crypto transactions. Once money is sent, neither customer service nor chargebacks exist.
    • "Once you... I've sent crypto... I missed one letter. You can't—there's no customer service number. There is no recourse to get your money back." — Rashad Bilal [10:06]

• Bank Involvement Trend [10:31]:

  • Noting increased institutional involvement, Rashad references Citibank planning to offer custodial bitcoin services as a potential safeguard for mainstream investors.

4. Scams, AI, and the Bitcoin Market Cycle

• Scam Spike as Market Top Indicator [09:01-10:03]:
  • Rashad suggests that scam frequency tends to rise toward the end of bitcoin bull runs, reflecting market maturity and broader adoption, which attracts both legitimate and criminal actors.
    • "One of the signs of seeing the tail end is when you start to see scams pick up dramatically. And they said, like, this is the highest level of scams that we've seen in bitcoin ever." — Rashad Bilal [09:25]
  • Hosts discuss how AI tools have made scams more convincing and widespread.

5. Is Bitcoin Safe? Distinguishing the Tech from the Scams

• Clarification [10:03]:

  • Rashad is careful to distinguish Bitcoin itself from the scams:
    • "I'm not saying bitcoin is a scam. I'm saying that it can be used as a shield to facilitate a scam." — Rashad Bilal [10:06]

• Takeaway Message: Personal Responsibility [11:15-11:46]:

  • "Be careful of all scams going around the end of the bull run or start of the book." — Co-host [11:37]
  • Listeners are urged to independently verify requests for crypto transactions, especially unsolicited or urgent demands.

6. The Big Picture: Institutional Adoption & Market Timing

• Future Trends & Market Timing [11:46-12:39]:
  • Hosts debate where we are in the bitcoin cycle, tying the prevalence of scams to increased institutional entry and speculation about when the next major pullback will occur.
  • Predictions that the influx of banks and ETFs will "push it up a little bit further, a little bit longer," but a correction is likely on the horizon.

Notable Quotes & Memorable Moments

• Rashad Bilal on responsibility:
  "A half truth is a whole lie." [06:20]
• Gus Cason on being scammed:
  "I should have known better. I should have known better. I was stupid enough, I fell for it." [03:37]
• On crypto irreversibility:
  "There is no recourse to get your money back." — Rashad Bilal [10:06]
• Warning for listeners:
  "Be careful of all scams going around the end of the bull run..." — Podcast Co-host [11:37]
• Bitcoin ATM companies’ legal response:
  "Bitcoin Depot, the company with the most crypto ATMs in the US, fought in court to get the $15,000 back and won." — CNN Reporter [04:22]

Important Timestamps & Segments

• [01:57-04:40] — Playback and breakdown of the CNN bitcoin ATM scam exposé.
• [09:01-10:06] — Connection between scam prevalence and bitcoin bull run cycles.
• [10:06-11:15] — Discussion on crypto's irreversibility, bank custody trends.
• [11:46-12:39] — Predictions on future market moves and continued scam warnings.

Final Takeaways

• The episode highlights the importance of skepticism and self-education in the age of crypto, especially as institutional adoption grows and scam tactics become more sophisticated.
• Listeners are strongly cautioned to:
  • Never send bitcoin or cash via ATM unless absolutely certain of the recipient.
  • Recognize that scam prevalence is a warning sign, not only of individual vulnerability but also of larger market conditions.
  • Remain vigilant, verify the legitimacy of urgent financial requests, and expect further mainstreaming of crypto custody through banks in the near future.

Earn Your Leisure continues to provide practical, down-to-earth breakdowns of financial news and cultural trends, urging listeners not only to pursue opportunities but to protect themselves against emerging risks.