Submission + - Crypto ATMs Are Largely For Crime (cnn.com) 1
atrimtab writes: Cryptocurrency ATMs located in gas stations and convenience stores across the U.S. are increasingly associated with fraud, leaving victims with little recourse.
These machines, while advertising low service fees, often charge exorbitant transaction costs exceeding 20% by inflating the prices of current Crypto coins being bought by customers.
Victims of scams facilitated through these ATMs face challenges in recovering their funds, as Crypto ATM companies are often unwilling to reimburse losses. Law enforcement attempts to seize funds from these machines have been met with legal action from the companies, further hindering victim recovery.
Some industry insiders suggest the profitability of these Crypto ATM companies relies on illegal activity, and efforts are underway to influence state legislation, potentially making it even more difficult for victims to reclaim their money.
These machines, while advertising low service fees, often charge exorbitant transaction costs exceeding 20% by inflating the prices of current Crypto coins being bought by customers.
Victims of scams facilitated through these ATMs face challenges in recovering their funds, as Crypto ATM companies are often unwilling to reimburse losses. Law enforcement attempts to seize funds from these machines have been met with legal action from the companies, further hindering victim recovery.
Some industry insiders suggest the profitability of these Crypto ATM companies relies on illegal activity, and efforts are underway to influence state legislation, potentially making it even more difficult for victims to reclaim their money.
