The Wood County Sheriff’s Department is calling for laws to restrict cryptocurrency kiosks.
A release from the Department reads: “As the Wood County Sheriff’s Department continues to work with Wisconsin State Representatives and Wisconsin State Senators to create a law to restrict cryptocurrency kiosks, members of our great community continue to be victimized through scams.”
“These cryptocurrency kiosks are located in local gas stations or public places where individuals can purchase large amount of cryptocurrency which is unrestricted for a large fee. Normally the fees are as high 20-30% per transaction which is completely ridiculous when the cryptocurrency can be purchased for free on a cellular phone or home computer.”
“Scammers have taken full advantage of these kiosks and trick people into putting large quantities of US currency into the kiosks. When cryptocurrency is purchased, a digital wallet is created and quickly stolen from sometimes the most vulnerable individuals within our community.”
“The Wood County Sheriff’s Department has executed numerous search warrants on the cryptocurrency kiosks and seized US currency from them. This money is held in Wood County evidence until interested parties can go through proper court channels to obtain the money.”
“Recently a cryptocurrency company has been attempting to bully the Wood County Sheriff’s Department in their efforts to secure the stolen money. Bitcoin Depot is well aware that cryptocurrency kiosks are being used for money laundering and scams.”
“Because the Wood County Sheriff’s Department moved forward with a valid search warrant on one of Bitcoin Depots kiosks, they stopped all refunds in the State of Wisconsin when someone is scammed. We believe Bitcoin Depot is taking part in these scams/crimes because they know the kiosks are being used as a tool for scammers and they fail to prevent the crimes from taking place.”
“Bitcoin Depot could hold the transaction for a few days like banks do with large checks or put daily maximums on cash deposit in the kiosks, but Bitcoin Depot knows that restrictions would cut into their profits even though it’s at the hands of criminals.”
“The Wood County Sheriff’s Department will not be bullied by a company who continues to assist in victimizing individuals within our community. We invite them and other cryptocurrency companies to work with us in creating a long-term solution.”
“Please contact your local representatives and support a law that will restrict cryptocurrency kiosks.”
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