Last fall, a 76-year-old Minnesota woman withdrew $35,000 in cash from her bank account and drove to a gas station.
There she found a cryptocurrency kiosk, an ATM-like machine she believed would allow her to pay the “Inspector General of Social Security” who had contacted her on her iPad. The woman had deposited $2,000 before gas station employees intervened, warning it could be a scam.
Local police department officials from across Minnesota pointed to examples like that one, relayed in a letter to a House committee, when advocating for a ban on cryptocurrency kiosks, saying current state regulations aren’t enough.Â
Related: Legislature should act now to stop scams tied to crypto kiosks
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