"We have some very good news,"
"A man said, 'I have your grandson.' he was so distraught and crying,"
"One of the key protections in our new crypto asset law is that a crypto kiosk, or crypto ATM, as they're also known, cannot accept or give out more than $1,000 in a single day,"
"At the time, Coinme told 7 On Your Side Investigates that the scammer exploited Lois by convincing her to deposit funds into more than 50 different accounts, circumventing Coinme's safeguards."
An 83-year-old East Bay woman was tricked into depositing nearly $50,000 into a Coinstar/Coinme crypto kiosk after a caller falsely claimed her grandson was in jail. The victim fed hundreds of $100 bills into the machine over more than a day. Media attention prompted the California Department of Financial Protection & Innovation to investigate. Regulators say Coinme faces fines totaling hundreds of thousands of dollars and reimbursed the victim. Regulators cited a crypto asset law limiting kiosk transactions to $1,000 per day and noted scammers split deposits across more than 50 accounts to evade safeguards.
Read at ABC7 San Francisco
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