The Warren-based State Police are investigating a cryptocurrency scam that defrauded an elderly couple in Sugar Grove. A Monday news release described the victims as having been contacted by an individual claiming to represent a legitimate authority. They were instructed to withdraw cash from their bank and deposit it into a Bitcoin ATM to protect their money.
Authorities cautioned that no legitimate government agency, bank, or company would request payment via a Bitcoin ATM, and urged residents to disregard unsolicited calls, texts, or pop-up alerts claiming accounts were compromised. The release urged individuals to verify notices directly with the organization using official channels rather than responding to prompts from unknown sources. The Office of the Attorney General has previously warned that scammers are targeting consumers with urgent messages and pressure to act immediately.
The FBI reported that Americans lost more than $5.6 billion in 2023 to fraud schemes involving cryptocurrency, marking a 45% increase from 2022. The agency received nearly 70,000 complaints related to virtual currency fraud, with investment fraud accounting for about $3.96 billion of the losses. FBI officials noted that scammers often initiate contact via dating apps or social media to build trust before directing victims to bogus websites or apps.
Criminals may coerce victims into large cash withdrawals, instruct them to deposit funds at a Bitcoin ATM, and then request that the victims scan and send a QR code, which can grant criminals access to the funds and hinder recovery. Some victims are targeted by bogus recovery firms claiming they can retrieve lost cryptocurrency. Experts advise avoiding rushed decisions, never drawing large sums, and verifying any requests with trusted family members or the financial institution.
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