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Aransas Pass veteran urges caution after losing thousands in Bitcoin scam
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An Aransas Pass veteran is sharing a cautionary tale about a scam that resulted in significant financial loss, emphasizing the importance of vigilance against fraudulent schemes. Mike Williams, a resident of Aransas Pass for over a decade, fell prey to the scam after encountering a pop-up message on his computer that falsely claimed his device had been hacked.
Believing the pop-up was legitimate, Williams called the number listed for technical support and spoke with an individual who raised alarm bells regarding the safety of his financial accounts. “He told me, ‘Your financial sites will be in danger,’” Williams recounted, explaining how the threat directed at his finances struck a chord and heightened his concern.
Be Cautious of Cryptocurrency ATMs
(Undated) Cryptocurrency ATMs (sometimes known as crypto ATMs or Bitcoin ATMs) are playing a bigger role in scams than ever before. Data from the Federal Trade Commission shows consumers reported over $100 million in losses per year, and there are no signs that it is slowing down.
Scammers are capitalizing on the accessibility of these machines, and they are employing tried-and-true high-pressure tactics to entice Iowans into using the machines to transfer cash to digital wallets (accounts) the scammers control. It is important for consumers to understand what cryptocurrency ATMs are, how the scams work, and what Iowans can do to protect themselves.
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St. Paul, Minnesota to vote on crypto kiosk ban
The St. Paul, Minnesota City Council is holding a vote on whether to ban cryptocurrency kiosks. If passed, this ordinance would stop the "use and placement" of cryptocurrency kiosks, according to a report by KSTP.
There are between 80 and 90 of these devices in the city, but have grown increasingly controversial due to the rise in scams. In Minnesota alone there have been $91 million in losses. The ordinance claims it will "protect the general welfare of the public."
During a public hearing, Ethan McClelland, director of government relations for Bitcoin Depot, defended cryptocurrency kiosk stating, "We utilize sophisticated tracker monitoring and have implemented multiple consumer-facing safeguards. Placing a reactionary ban on an industry that is already licensed and regulated by the state, which serves a legitimate financial purpose for many St. Paul residents, is unnecessary."
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