Texas residents lost $56.8M to crypto ATM scams over past year

Texas residents have lost a total of $56.8 million to cryptocurrency ATM scams over the past year, according to Cryptopolitan. An estimated 1,200 residents in the state have fallen victim to these schemes. The scams typically involve fraudsters impersonating government officials or corporate employees. They contact victims by phone, falsely claiming the target is in legal trouble or owes money. The scammers then instruct the victims to convert cash into cryptocurrency at an ATM and transfer it to a designated wallet address.