A lawsuit claims that Bitcoin ATMs, particularly those operated by Athena Bitcoin, are being used for elder financial abuse. The ATMs are located in low-income neighborhoods and charge high fees, making them attractive to scammers. Diane Reynolds, a 75-year-old from a senior community, lost $13,000 in a scam and is suing Athena and Genesis Coin ...
Ghana’s central bank, the Bank of Ghana, is taking steps to regulate cryptocurrency, aiming to bring clarity and stability to the Market while ensuring consumer protection. Governor Dr. Johnson Asiama announced these plans at the African Leaders and Partners Forum in Washington, D.C. The regulation will depend on the passage of the Virtual Asset Providers ...
Illinois lawmakers are looking to introduce new regulations for the cryptocurrency industry. The Illinois House will soon debate Senate Bill 1797, which aims to have the Illinois Department of Financial and Professional Regulation oversee digital asset businesses. Proponents, like State Senator Mark Walker, believe this will help manage issues like fraud and money laundering. However, ...
A new bill from Democratic lawmakers in Wisconsin aims to boost innovation in financial services, particularly in the area of cryptocurrency. Led by Senator Dora Drake and Representative Russell Goodwin, the Wisconsin Innovation Network bill focuses on educating the public and providing a regulatory framework to support entrepreneurs exploring cryptocurrency applications. During a recent forum, ...
Tzoni Raykov, an oil engineer, faced frustration when a transfer of $1,500 in cryptocurrency to his Revolut account went wrong due to unclear deposit instructions. After a successful small transfer, he attempted to send a larger amount but accidentally used the wrong network, converting his USDC coins into an unsupported type, USDC.e. Despite contacting Revolut ...
Bitcoin ATMs are facing scrutiny due to increased scams, with reports highlighting fraudulent activities targeting unsuspecting users. Scammers are persuading victims to deposit funds into these ATMs, promising quick returns while directing them to wallets they control, leaving victims with little chance of recovery. In response, various legislative measures are being introduced across states like ...
Bitcoin ATMs are facing scrutiny due to rising scams, with incidents reported across the U.S. and Australia. Scammers trick victims into depositing money into these machines, often leading to significant financial loss with little recourse for recovery. Some regions, like Arizona and Minnesota, are pushing legislation to combat these scams, while states like Nebraska are ...
A Dunwoody woman recently lost over $200,000 in a sophisticated scam involving Bitcoin and gold bars. The victim, 58, was lured by a fake Microsoft support call claiming her computer and bank account were compromised. Following this deception, she withdrew cash from her bank to buy Bitcoin and gold bars, believing it was necessary to ...
A woman from St. Francis believed she had successfully invested in cryptocurrency, surprising her husband on their anniversary with what she thought were massive profits. Unfortunately, this turned out to be a scam that left them devastated. The woman initially invested $30,000, which quickly doubled, leading her to invest a total of $55,000. When she ...
Cryptocurrency is attracting both innovation and scams, with 2023 witnessing over 69,000 complaints to the FBI about losses totaling $5.6 billion, marking a 45% increase from the previous year. Many fraudsters exploit common schemes like investment scams and fake platforms, often operating internationally. Victims struggle to recover lost funds due to the untraceable nature of ...
