$56M Lost to Crypto Kiosk Scams in Texas Last Year, Lawmakers Seek Regulation

Crypto kiosks have been used to scam Texans out of $56.8 million last year, nearly double the amount taken from victims in Florida.

The scams typically involve fabricated court documents and phone calls claiming to be from law enforcement, directing victims to deposit cash into a cryptocurrency kiosk.

About 70% of those using these machines are over age 60, according to the Financial Crimes Intelligence Center (FCIC).

Texas regulators currently have no oversight over the kiosks, and experts say that fraudsters exploit this gap to carry out their scams.