New Oklahoma law cracking down on Bitcoin ATM scams
Share this @internewscast.com


OKLAHOMA CITY (KFOR) – A new Oklahoma law is cracking down on scammers using Bitcoin ATMs to steal your money.

Senate Bill 1083 was authored by Sen. Darrell Weaver, R-Moore, and Rep. Mark Lepak, R-Claremore, and it introduced ways to protect Oklahomans from falling victim to these scams.

Cryptocurrency ATMs look like regular ATMs and allow people to conduct legitimate cryptocurrency transactions. However, they can also be used to carry out fraudulent activity.

These scams are on the rise across the nation.

In 2024, the FBI had more than 10,956 complaints about these kiosks, with $246.7 million stolen. Oklahomans alone lost $37.7 million to cryptocurrency-related scams, including scams related to cryptocurrency ATMs.

“They prey on the vulnerable, which I really don’t like, and that’s what they do,” said Sen. Weaver.

Victims are coerced to deposit cash, which unknowingly goes right to the scammer.

affiliate KFOR reported last year about an elderly lady who lost her entire life savings to a bitcoin ATM. A scammer pretended to be a federal agent and convinced her that her identity had been stolen and the only way to protect her money was to convert it into cryptocurrency.

“I never thought it would happen to us, and she’s humiliated, she’s embarrassed, she’s doubting her choices, and she’s a smart woman, she’s bright, and so it’s heartbreaking,” said Jamie Moore, whose mother was scammed.

This new law will help in scenarios like that one.

“Right now, in states across the country, these cryptocurrency ATMs are very unregulated,” said Joy McGill, advocacy director, AARP Oklahoma.

Under the new law, all kiosks will be licensed and tracked by the state.

“We’ll figure out where they’re at, what the process is if there is a fraud, how they can go about it, and getting the bankers involved in this, the banking authorities involved in this is very key,” said Sen. Weaver.

There will also be daily transaction limits, along with fraud warnings on the machines.

Victims will also be able to seek refunds if they are reported within 14 days to the police and the kiosk operator.

The law will go into effect on November 1.

Share this @internewscast.com
You May Also Like

Nick Hankins Jr. Talks About His Decision to Commit to Illinois Football

BELLEVILLE, Ill. (WCIA) — A key element of Bret Bielema’s strategy with…

Family of 3 and Several Others Struck by Lightning at Dolphin Beach Resort in St. Pete Beach

ST. PETE BEACH, Fla. (WFLA) — The Independence Day celebrations at Dolphin…

Governor Greg Abbott Designates Texarkana as Film-Friendly

TEXARKANA, Tx. (KTAL/KMSS) – Texarkana will now join more than 200 Film…

How Los Angeles’ Iranian Community Faces Challenges Amid a Fragile Israel-Iran Ceasefire

LOS ANGELES – “Tehrangeles” in West Los Angeles is home to the…

Homer Organizes Festival Celebrating Freedom and Music

HOMER, Ill. (WCIA) — The Village of Homer held its Freedom and…

Texas Flooding Results in 24 Deaths; Several Young Campers Reported Missing

(NewsNation) — The Kerr County sheriff in Texas reported on Friday night…

Statesboro VFW Celebrates Fourth of July

STATESBORO, Ga. () — The Statesboro VFW honored Independence Day Friday by…

Sweet Success: Florida Resident Wins Key Lime Pie Eating Contest

KEY WEST, Fla. – Coney Island’s moment in the spotlight is taking…

Sonoma State University Student Injured in Tornado: Family Reflects on Recovery Process

A Savannah State University student, Malachi Chaney, is on the road to…

Joey Chestnut Wins Back His Title with 17th Victory at Nathan’s Hot Dog Eating Contest

Renowned competitive eater Joey “Jaws” Chestnut made a triumphant return on Friday,…

Volusia County Volunteers Clean Up Beaches Post-July 4th Celebrations

VOLUSIA COUNTY, Fla. – Choosing to volunteer over relaxing by the shore,…

Social Security Administration Sends Confusing Email Praising Trump’s Recent Tax Cut Legislation

WASHINGTON — The Social Security Administration has distributed a misleading email to…