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N.Y.C. Council speaker calls on Mayor Eric Adams to resign; KY could do more to protect kids from accidental drug ingestion, shootings; OH food banks face fed funding uncertainty, DeWine budget cuts; Protesters say Trump administration actions 'cast aside democracy.'

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On a Middle East visit, Sen. Richard Blumenthal rejects a Gaza takeover. President's Day protests erupt around the country against White House moves, and another aviation accident draws attention to recent FAA cuts.

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Rural America struggles with opioids and homelessness in unexpected ways, Colorado's Lariat Ditch could help spur local recreation, and book deliveries revive rural communities hit by Hurricane Helene.

Push to protect WA from crypto ATM scams

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Wednesday, January 8, 2025   

They may offer people a legitimate way to convert cash into cryptocurrency but crypto ATMs are also popular with scammers.

Washington had the highest rate of reported impostor scams in the country in 2023, according to the Federal Trade Commission. The Spokane City Council recently passed a resolution supporting more state regulations for the crypto ATMs, including limits on how much money can be withdrawn daily.

Det. Tim Schwering of the Spokane Police Department, said his office is receiving two or three calls a day about crypto ATM scams.

"$50,000 is very common in losses," Schwering pointed out. "You know, $100,000, $200,000 in losses, entire life savings wiped out from these types of scams."

Schwering noted most of the scams center around fake romantic relationships or bogus investment opportunities. He added most of the scammers are based in countries with no diplomatic relationships with the U.S. law enforcement. Even if he can find the money in countries like China, Russia or North Korea, he cannot get it back.

Schwering emphasized investment scams can be especially hard to recognize because scammers will allow victims to withdraw some money after making it look like their investment has grown on a fake website. Once victims feel secure they can withdraw their supposed "earnings," the con escalates. The FBI estimates Americans were robbed of close to $6 billion in 2023 through crypto-related scams.

"When you're making that kind of money, you can put money into building websites that are, they look like, legitimate investment websites," Schwering explained.

Schwering is working with the Washington State Department of Financial Institutions on legislation to limit the amount of money someone can deposit into a crypto ATM to $1,000 a day. He said it will not solve the problem but could help mitigate the potential losses.


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