New Hampshire Passes Crypto Scam Protection Law
Nashua resident Ken Heideman fell victim to a crypto scam in 2022 after being convinced by scammers to withdraw cash from his account and convert it into cryptocurrency. He lost ten times more money than he would have if Senate Bill 482 had been law at the time, which limits daily conversions to $2,000 and provides refund protection for victims who report scams within 14 days.
The new law aims to protect Granite State residents from falling prey to crypto ATM scams, which often involve scammers impersonating government officials or financial institutions. Heideman, who was able to recoup 85% of his losses due to having a cybercrime rider on his renter's insurance, said he was lucky and that the law would have made a significant difference in his case.
Manchester Police Det. Ray Lamy stated that business owners can earn between 20-30% of each transaction from allowing crypto ATM machines in their stores. Governor Kelly Ayotte emphasized that SB 482 sends a message to scammers targeting New Hampshire residents, particularly seniors, 'We're going after you.'