Texas Tops $56M Crypto Kiosk Losses Amid Calls for Ban

Texans lost a staggering $56.8 million to cryptocurrency kiosks in 2025, more than any other state, according to FBI figures presented to a legislative committee. The state accounted for 1,179 of the 13,460 complaints logged nationally, with reported losses rising 58% to $389 million.

The machines, which convert cash into crypto and are often found in gas stations and convenience stores, have been linked to Chinese money launderers by Kelley Currie, an Atlantic Council fellow. The Justice Department has prosecuted Chinese nationals for crypto fraud compounds in Southeast Asia, but it's unclear if these groups operate kiosks.

Jesse Saucillo, deputy commissioner at the Texas Department of Banking, said recovery is nearly impossible once the money moves to an unhosted wallet and gets mixed with other funds.