Texas Residents Lose $56.8 Million in Crypto ATM Scams in One Year

CoinFeed, July 9 news, according to Cryptopolitan report, data released by Texas law enforcement agencies shows that residents of the state have suffered financial losses totaling as high as $56.8 million due to cryptocurrency self-service terminal (ATM) scams in the past year. According to incomplete statistics, about 1,200 Texas residents became victims in such scams. The typical modus operandi of cryptocurrency self-service terminal scams is: scammers impersonate government agencies or business staff by phone, falsely claim that the victim is involved in legal issues or owes money, and require the victim to go to a crypto ATM to convert cash into cryptocurrency and transfer it to a designated address. Due to the irreversibility and a certain degree of anonymity of cryptocurrency transactions, once the funds are transferred, recovery is extremely difficult.