Louisiana authorities have recovered $200,000 from cryptocurrency scammers who were exploiting Bitcoin ATMs to defraud elderly residents. These scammers impersonated officials, threatening victims with fabricated charges and warning that they would be arrested unless they made payments through the ATM. A new state law mandates that all Bitcoin ATMs display prominent warning signs, with a daily deposit limit of $3,000 and a 72-hour waiting period before transfers are completed, to help prevent such scams and allow refunds.
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Louisiana authorities have recovered $200,000 from cryptocurrency scammers who were exploiting Bitcoin ATMs to defraud elderly residents. These scammers impersonated officials, threatening victims with fabricated charges and warning that they would be arrested unless they made payments through the ATM. A new state law mandates that all Bitcoin ATMs display prominent warning signs, with a daily deposit limit of $3,000 and a 72-hour waiting period before transfers are completed, to help prevent such scams and allow refunds.