El Paso city representative Chris Canales has introduced an agenda item to target cryptocurrency ATMs in the city, citing a rise in scams that have cost Texans over $1 billion. According to the FBI, people aged 60 and older have lost over $4 billion to cryptocurrency scams nationwide.
Crypto Scams on the Rise
Special agent Jeffrey Reisinger from the FBI El Paso Cybercrime Squad explained that the most common type of cryptocurrency scam is “pig butchering,” where scammers befriend victims online and convince them to invest in cryptocurrency. Canales’ item was postponed for two weeks, but he emphasized the need to address the issue, stating that crypto ATMs have become a tool for scammers to quickly and permanently transfer cash to untraceable offshore accounts.
Original reporting: El Paso News (HLL/CB) — read the source article.
