Crypto News: Crypto ATM Scams Surge Across Massachusetts, Triggering Calls for Ban
The post Crypto News: Crypto ATM Scams Surge Across Massachusetts, Triggering Calls for Ban appeared on BitcoinEthereumNews.com.
Crypto ATM scams surge across Massachusetts, prompting lawmakers to propose bans, $1,000 transaction limits, and stricter oversight to protect small businesses. Crypto ATM scams are now surging across Massachusetts. Businesses and local individuals are complaining bitterly about massive losses. As a result, millions of dollars have already been taken away from victims by these scams. Scammers continue to expand their scope of operation daily. Therefore, local officials are moving to outlaw the machines entirely. Surge in Crypto ATM Scams Triggers Calls for Statewide Ban One South Hadley business owner gave us a case study. One way he did this was by installing a crypto ATM in his store for passive income. Specifically, he was to receive a $200 per month rental fee. He also received a share of the withdrawal fee of each transaction. This revenue appeared to be a steady new source of revenue for the store. However, an employee received a bogus call later on. Related Reading: All Top 15 Users Have Been Victims As Crypto ATM Scams in Tasmania Cost Rack Up $2.5 Million In Thefts | Live Bitcoin News A scammer pretended to be the owner in this call. The caller demanded that the employee deposit $11,000 in the ATM. Unfortunately, the employee was easily convinced by the highly convincing scam. Police have been unable to recover the lost funds since. This tragic incident is a call for attention to the financial risk to small businesses. The problem has become a serious issue across the nation. Middlesex County Sheriff Peter Koutoujian told state legislators. He said there has been a recent increase in these scams around the country. What’s on top of it is that the FBI had about 11,000 complaints in 2024. Victims lost a combined total of $247 million last year. Indeed, this is…
