SANDY SPRINGS, Ga. — Sandy Springs police say they are seeing an alarming spike in cryptocurrency-related fraud cases.
Criminals are contacting victims, often claiming to have a relationship with law enforcement. They may say they missed jury duty or have a relative in prison, but if they don't send money, they'll face immediate and severe consequences.
They are instructed to go to a store that has a BMT (Bitcoin Trading Machine) installed and exchange their cash for cryptocurrency.
(Download: Free WSB-TV News app to notify you of breaking news)
“They go in there, transfer U.S. currency into Bitcoin or other cryptocurrencies, send the money to an individual's address given to them by the criminals, and then once the individual sends that currency, they track it. It's going to be very difficult,” said Sergeant Sandy Springs. Leon Milholland.
Sandy Springs Police received reports that hundreds of people were defrauded in a cryptocurrency scam in 2024. The average loss is approximately $10,000. But they have investigated cases involving hundreds of thousands of dollars.
“Nationwide, it's about 65 million people,” Milholland said.
This week, the Sandy Springs City Council approved a resolution giving police the authority to regulate BMTs and ATMs that are not licensed by state authorities. Businesses that install trading machines will be required to post signs informing customers that law enforcement does not accept payments in virtual currency.
Trending stories:
“Before they send you virtual currency or our currency, please contact us and we will help you confirm whether it is legal or not,” said Sgt. Milholland.
Customers at gas stations that have installed BMT say they are wary of new scams targeting the elderly.
“I think it's wrong, but why would they do something like that to seniors?” They need money for retirement. It doesn’t work anymore,” customer Makara Williams said.
Businesses using BTM must post warning signs when renewing their business licenses or face a $500 fine.
(Sign up: WSB-TV Daily Headlines Newsletter)
©2024 Cox Media Group
