A silent epidemic of cryptocurrency scams is sweeping across North Carolina, with fraudsters increasingly targeting vulnerable residents through deceptively simple Bitcoin ATMs.
The numbers tell a shocking story: crypto-related crime has surged by nearly 1,300% since 2017, with losses nationwide approaching $6 billion annually and $65 million lost in just the first half of 2024.
Crypto scams aren’t just growing—they’re exploding, with billions in losses and ordinary people paying the price.
These scams typically begin with an unexpected phone call.
The caller—posing as a government official, tech support guru, or even a romantic interest—creates a sense of panic or excitement.
“Your bank account has been compromised,” they might say, or “You’ve won a prize but need to pay fees immediately.”
The victim is then directed to withdraw cash and convert it to cryptocurrency at a local ATM.
Once that money enters the crypto ecosystem, it’s basically gone—like trying to catch smoke with your bare hands.
Older adults bear the brunt of these schemes, often losing life savings exceeding $100,000.
What’s more alarming is that for every scam reported, an estimated 64 go unreported—creating a perfect environment for fraudsters to operate unchecked.
North Carolina officials aren’t taking this lying down.
The Attorney General and Secretary of State have launched a statewide awareness campaign, partnering with AARP, United Way NC/NC 211, and local law enforcement to fight back.
Their strategy includes distributing warning signs at crypto ATMs and training retail employees to spot potential victims.
“If someone you don’t know directs you to a crypto ATM, that’s a giant red flag with flashing lights and a siren,” cautions one official involved in the prevention effort.
Legitimate government agencies never request cryptocurrency payments.
Communities are being encouraged to watch for individuals exhibiting stress or receiving phone instructions while using crypto ATMs—telltale signs of a scam in progress.
These transactions are particularly dangerous because they are completely irreversible, making it impossible for victims to recover their money once the scam is complete.
Staying vigilant against scams is crucial as criminals continuously develop sophisticated methods to separate people from their hard-earned money.
With nearly 25% of complaints to the Secretary of State involving cryptocurrencies in 2024 alone, authorities are urging immediate reporting of suspicious activity through consumer protection hotlines like 211.
Last year marked the worst on record for cryptocurrency scams, continuing a disturbing multi-year trend that shows no signs of slowing down.
