Cities Consider Banning Cryptocurrency ATMs Amid Scam Epidemic

Cryptocurrency scammers have been targeting Treasure Valley residents in Idaho, making millions of dollars off of unsuspecting victims. The Treasure Valley Partnership has issued a warning against schemes involving cryptocurrency kiosks and is working to raise awareness among residents.

According to the partnership, which represents mayors and commissioners from 16 cities and three counties, 30 victims in Meridian lost a total of $1.3 million between January and July. So far this year, scams in Eagle, Star, Kuna, and unincorporated Ada County have accounted for $406,000.

Approximately half of the identified victims are over the age of 60, but people of all ages fall for the scheme. A common scam impersonates law enforcement over the phone, telling victims there's a warrant out for their arrest and instructing them to withdraw cash and deposit it into a cryptocurrency ATM to avoid arrest.

Eagle Mayor Brad Pike emphasized that 'law enforcement will never call and demand money to clear a warrant, and officers will never send you to a cryptocurrency ATM.' He advised residents to hang up if someone makes such a demand and to contact their local police department directly before doing anything with their money.