Bitcoin ATM Scams

Good morning, Nerders. It’s Tuesday, September 10th. In today’s newsletter, we cover:

• Bitcoin ATM Scams — The FTC warns that Bitcoin ATM scams are surging, and older adults are increasingly becoming victims

• Sports Teams — A look at the highest-earning sports teams in America

• AstroForge — Why this startup wants to mine asteroids

TODAY’S STORY

Last year, scams involving Bitcoin ATMs topped $110MM, more than 10x in 2020.

Here’s how they usually go down:

1. A fraudster contacts a victim pretending to be a customer service representative from a financial institution

2. They text the victim a QR code connected to a digital wallet

3. They direct the victim to scan the code and deposit cash into the Bitcoin ATM, which converts it into Bitcoin that immediately gets transferred to the scammer

These scammers in particular are targeting senior citizens. The FTC said consumers over the age of 60 were 3x more likely to be duped out of cash in these schemes.

Crypto is not inherently a scam but continues to attract many bad actors, given its lack of traceability.

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DATA BYTES

• The Dallas Cowboys earned $1.1Bn in revenue in 2022, the highest across any sport in North America by far

• As of Aug. 2024, the Dallas Cowboys are worth $10.1Bn according to Forbes, despite not winning a Super Bowl since the ’90s (sorry, Cowboys’ fans)

#SHORTS

Why this startup wants to mine asteroids

@boringbusinesskieran

Why this startup wants to mine asteroids // Make sure to follow me to keep up with the latest business stories and trends #business #space... See more

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PREVIOUS STORIES

• PE firms key in on youth sports — Private equity wants a piece of the $50B youth sports industry.

• Prison Call Caps? Inmates Pay More Elsewhere — As the FCC’s new rules squeeze private companies on phone calls, these companies are distributing tablets to inmates to generate additional revenue.

• Robotaxis are everywhere. That could be bad news for Uber. — The expansion of autonomous vehicles (AVs) severely threatens Uber’s business model.

• Why Credit Unions Are Buying For-Profit Banks — Not-for-profit credit unions have been acquiring for-profit banks at a record pace.

• Crypto’s $119MM Election Spending Spree — The crypto industry accounts for 48% of corporate money donated to political action committees.

To read the web version of previous stories, click here

If you have any comments or feedback, just respond to this email.

Thanks for reading,
Kieran & Justin Ryan