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Crypto ATM scams cost millions in Wyoming and Maine; new regulations proposed

Crypto ATM scams are rapidly increasing, costing victims hundreds of millions of dollars nationwide, including over $4.6 million in Wyoming's largest cities and more than $333 million across the country. Scammers exploit these machines, which are used to buy and transfer cryptocurrency, by convincing victims to deposit cash into digital wallets controlled by criminals. In Maine, recent legislation has introduced consumer protections such as transaction limits, fee caps, licensing requirements, and refund policies for fraud victims, leading some operators like Bitcoin Depot to withdraw their machines. Law enforcement officials warn that once money is transferred into cryptocurrency, it becomes nearly impossible to recover, especially when funds are moved across international borders. Authorities are also advocating for stricter regulations, including verification procedures for digital wallets and transaction limits, to curb fraud. Victims are encouraged to report scams to law enforcement and relevant agencies, although recovery remains difficult due to the anonymous and international nature of cryptocurrency transactions.

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