Texas 2025 Crypto Kiosk Fraud Losses Hit $56.8 Million, Lawmakers Consider Measures Beyond Regulation
2026-07-31 11:17
Odaily News: Data submitted by the FBI to a legislative committee shows that in 2025, losses related to cryptocurrency kiosks in Texas reached $56.8 million, involving 1,179 complaints, ranking first among all U.S. states. Nationwide, related complaints totaled 13,460, with reported losses surging 58% year-over-year to $389 million.
Cryptocurrency kiosks accept cash and convert it into cryptocurrency, typically located at gas stations and convenience stores. According to Texas Tribune data, there are approximately 4,000 such machines in Texas. Scammers often trick victims into withdrawing cash from their bank accounts and depositing it into the machines.
Jesse Saucillo, Deputy Commissioner of the Texas Department of Banking, stated that once funds are transferred out, recovery is nearly impossible, as the money typically flows to non-custodial wallets and then into mixers and other channels. He added that AI-generated impersonation content of police and state agencies has made phone-based scams more deceptive.
AARP data shows that since 2023, around 30 U.S. states have enacted laws related to cryptocurrency kiosks. Indiana imposed a full ban on such machines in March, with Tennessee and Minnesota following suit. Texas House Committee Chairman Rep. Cole Hefner said the state will consider measures that go beyond the scope of regulation.
Cryptocurrency kiosks accept cash and convert it into cryptocurrency, typically located at gas stations and convenience stores. According to Texas Tribune data, there are approximately 4,000 such machines in Texas. Scammers often trick victims into withdrawing cash from their bank accounts and depositing it into the machines.
Jesse Saucillo, Deputy Commissioner of the Texas Department of Banking, stated that once funds are transferred out, recovery is nearly impossible, as the money typically flows to non-custodial wallets and then into mixers and other channels. He added that AI-generated impersonation content of police and state agencies has made phone-based scams more deceptive.
AARP data shows that since 2023, around 30 U.S. states have enacted laws related to cryptocurrency kiosks. Indiana imposed a full ban on such machines in March, with Tennessee and Minnesota following suit. Texas House Committee Chairman Rep. Cole Hefner said the state will consider measures that go beyond the scope of regulation.
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