GREEN BAY, Wis. (WBAY) - “We’re hearing about people plugging thousands of dollars into these machines and losing it all,” Michael Gavigan of the Wisconsin Department of Financial Institutions said.

Wisconsin is cracking down on cryptocurrency fraud with new rules to prevent scams using Bitcoin ATMs, also called BTMs.

Bitcoin machines are being used in the fastest-growing scams.

The Federal Trade Commission reports people losing $1.4 billion to cryptocurrency fraud in 2024. In recent months, there’s been an alarming uptick in reports of fraud with Bitcoin machines.

The virtual currency kiosks look like an ATM. They’re in convenience stores, gas stations, laundromats, shopping malls.

They allow people to sell and purchase cryptocurrency. While they’re used for legitimate transactions,

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