MA Senate Bans Crypto ATMs Amid $7M Scam Losses
Massachusetts residents have lost nearly $7 million to crypto ATM scams in the last year alone, according to AARP. The state's Senate has passed legislation to ban these machines as part of its economic development bill.
The scams typically involve scammers posing as authority figures who convince victims to send money through a crypto ATM, with little chance of recovering the funds once they're transferred.
Some seniors have lost their entire life savings in these scams, which have skyrocketed over the past five years. The legislation aims to prevent future victims by banning virtual currency kiosks from operating in Massachusetts.
The bill gives the attorney general the authority to bring a civil action against anyone who operates a crypto ATM in the state, and follows similar bans in four other states and several towns in Massachusetts.