crime

Crypto ATM Scams & New U.S. Legislation Explained

By Favour Okosodo February 26, 2025

Scammers are tricking people into depositing thousands into crypto ATMs—and the U.S. government is stepping in!

One victim lost $15,000 after a scammer pretending to be law enforcement told him to ‘pay a fine’ in crypto to avoid jail.

A 2-week protection period for new users

Deposit limits of $2K/day & $10K total

Verbal confirmations for big transactions

Refunds for fraud victims

1

2

3

4

Now, Senator Dick Durbin’s new bill wants to crack down on fraud by adding:

With over $5 billion lost to crypto scams in 2023, is this the fix we need? Good move or too much red tape?