Wood County Pushes for State Regulation of Cryptocurrency ATMs

Wood County Sheriff’s Office Urges Regulation of Cryptocurrency ATMs

  • Wood County Sheriff’s Office in Wisconsin calls for state regulation of Cryptocurrency ATMs after a rise in scam cases.
  • Officials report frequent incidents where large sums are lost, complicating cash retrieval and evidence procedures.
  • Suggestions include daily deposit limits and transaction holds to protect potential scam victims.

The Wood County Sheriff’s Office in Wisconsin Rapids has urged state officials to introduce regulations on Cryptocurrency ATMs after numerous scam complaints connected to these machines in public areas, according to a report by the Sheriff’s Office.

- Advertisement -

Lieutenant Scott Goldberg from the department stated that cases involving these ATMs have surged over the past two years. He explained that each investigation typically begins with a warrant to seize the cash within the machine, after which the courts take over. Goldberg noted, “If somebody put $20,000 in that machine and we obtain it through a seizure, that money could sit in evidence for several months or longer while [the case] is being litigated in court.”

Goldberg highlighted challenges faced when crypto companies attempt to reclaim seized funds, stating, “They’re trying to push back on us, but we want to make it very clear that we are going to continue to do these investigations. We are not going to be bullied or pushed around by a company just because they have a lot of money.” The sheriff’s office is interested in working with these companies to develop a long-term solution and ensure local or statewide residents are not victimized.

To limit fraud, Goldberg suggested instituting daily deposit caps and a hold process for large transactions, similar to banking procedures for large checks. He said this could provide a window of time to halt transactions when victims realize they have been scammed.

Cryptocurrency ATMs, commonly found in convenience stores and grocery outlets, allow users to exchange cash for digital assets stored in crypto wallets. These wallets and their contents become vulnerable if stolen, making them frequent targets for scam operations.

✅ Follow BITNEWSBOT on Telegram, Facebook, LinkedIn, X.com, and Google News for instant updates.

Previous Articles:

- Advertisement -

Latest

American Engineer Drugged, Robbed in Sophisticated London Crypto Heist

An American software engineer lost approximately $123,000 in cryptocurrency after being drugged and robbed in London.The victim was targeted by an impersonator posing as...

Max Keiser Doubts New Bitcoin Treasuries’ Discipline in Bear Market

Bitcoin-focused companies are increasingly copying the treasury strategy used by Michael Saylor's Strategy.Max Keiser raised doubts about whether these newer companies can maintain commitment...

South Korea Election Puts Crypto Policy at Center of Debate

Nearly one-third of South Koreans hold digital assets, making crypto a vital issue in the upcoming presidential election.Both major parties support crypto exchange-traded funds...

Scottsdale Residents Lose $6M to Crypto Scams; Police Respond

Scottsdale residents have reported losing over $6 million to cryptocurrency Scams in 2024.Authorities say actual losses could be higher, as not all cases are...

Ethereum Bullish Patterns Signal Altseason, 55% Rally Possible

Ethereum is showing two bullish chart patterns against Bitcoin, indicating a possible 30–55% price increase. Crypto analysts say an ETH/BTC rally could spark a broad...

Must Read

The Ultimate Guide on How to Understand a Cryptocurrency White Paper

Today, cryptocurrency is a popular buzzword. We hear about it on the news, we read about it on the Internet. Yet, people are reluctant to...