SANDY SPRINGS, Ga. — Sandy Springs police say they’ve seen an alarming spike in fraud cases involving cryptocurrency.
Criminals are contacting victims, often claiming to be connected to law enforcement. They may say that they missed jury duty, or that a relative is in jail, and if they don’t send money, they face immediate, severe consequences.
They are instructed to go to a business that has a BMT, or Bitcoin transaction machine, and convert cash into cryptocurrency.
[DOWNLOAD: Free WSB-TV News app for alerts as news breaks]
“They go in and transfer the U.S. currency to Bitcoin, or whatever cryptocurrency, and they will send it to the individual address that is given to them by the criminal. And once the individual sends that currency, it’s really hard to trace it,” said Sandy Springs Sgt. Leon Millholland.
Sandy Springs police received reports of hundreds of people defrauded through crypto scams in 2024. The average loss is around $10,000. But they have investigated cases involving hundreds of thousands of dollars.
“Nationwide, it’s around 65 million,” said Millholland.
This week, Sandy Springs City Council approved a resolution giving police authority to regulate BMTs and ATMs not licensed by a state agency. Businesses that have transaction machines will be required to post a sign advising customers that law enforcement doesn’t accept payment with cryptocurrency.
TRENDING STORIES:
- UGA student killed in head-on crash day after Thanksgiving
- Dramatic video shows Gwinnett takedown of SC suspect wanted for shooting his 1-year-old, 2 others
- Cherokee County teacher arrested for inappropriate conduct with a minor
“Before they send cryptocurrency or us currency, contact us and we will help verify whether it’s legit or not,” said Sgt. Millholland.
Customers at a gas station with a BMT, say they are alarmed over the new scam targeting seniors.
“I think it’s wrong, why are they doing that to older people? They need the money for their retirement. They don’t work anymore,” said customer Makala Williams.
Businesses with BTMs will have to post the warning signs when renewing their business license or face a five hundred dollar fine.
[SIGN UP: WSB-TV Daily Headlines Newsletter]