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Crypto ATM Operators Finally Get Slapped Down by Lawmakers: About Time Someone Warned Grandma Not to Send Her Life Savings Up in Flames

BitcoinCrypto NewsRegulation/Negotiation 1 Sam Rogers September 16, 2024

An illustration of an elderly woman standing in front of a Bitcoin ATM with a worried expression on her face and dollar bills flying away from the machine into flames. In the background, a group of shadowy figures are shown trying to scam others at another nearby ATM.

US lawmakers are finally catching on – cryptocurrency is a scam! Or at least the crypto ATMs that fleece elderly Americans for millions of dollars. I mean, who needs to warn people about scams when you can just slap up an ATM in their local convenience store and watch as they send all their life savings down the drain? It’s not like it’s happening every day or anything… The FTC says $65 million was lost on crypto ATMs in the first half of this year, which is a drop in the bucket compared to the estimated $5.6 billion lost to crypto fraud last year alone. And let me guess – most of those victims are probably over 60, because who needs financial literacy when you’ve got Bitcoin? I mean seriously though, it’s about time someone took these companies to task for their predatory practices.

Source: cointelegraph

US lawmakers urge top crypto ATM operators to tackle fraud
https://cointelegraph.com/news/us-senators-bitcoin-atm-firms-address-elderly-fraud
A group of United States Senate Democrats led by Majority Whip and Senate Judiciary Committee Chair Dick Durbin has urged 10 of the country’s largest crypto ATM operators to immediately tackle fraud and protect elderly Americans. In a Sept. 12 statement, seven Democratic Senators, including Elizabeth Warren, cited Federal Trade Commission data noting that fraud losses from Bitcoin ATMs (BTMs) reached $65 million in the first half of this year. […]

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Please be aware that the content may be exaggerated, fictionalized, or otherwise altered to create a comedic effect. It is not intended to provide financial advice, make accurate predictions, or offer any serious commentary on current events or financial markets.

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About the author

Sam Rogers

Sam’s plunge into the crypto world turned into a brutal farce when he fell for an absurdly obvious scam promising to double his investment. After being fleeced by a slick email con, Sam is left fuming and broke. His writing drips with anger and dark humor as he exposes the outrageous scams and ludicrous promises of the crypto world. His motto: “I didn’t just fall for a scam—I was sucker-punched by an entire industry. If you think crypto is a goldmine, just wait until you see how deep it can dig your grave.”

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Disclaimer

The content presented on this site is intended solely for entertainment purposes and should not be taken as factual or reliable information. This site employs satire and humor to discuss global news, current events, finance, and cryptocurrency. The views expressed here are not meant to be taken seriously and do not represent the opinions of any individuals, organizations, or entities discussed.

Please be aware that the content may be exaggerated, fictionalized, or otherwise altered to create a comedic effect. It is not intended to provide financial advice, make accurate predictions, or offer any serious commentary on current events or financial markets.

Readers are encouraged to verify any claims or statements with credible sources and should not make any decisions based on the information provided here. This blog is not responsible for any actions taken based on its content. Always consult a qualified professional before making any financial or investment decisions.

Please do not hesitate to contact us if you have any questions or concerns.

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