Fort Thomas Police Warn Against Bitcoin Scams
FORT THOMAS, Ky. — The Fort Thomas Police Department is advising residents of a new scam they have seen in recent weeks. The scam involves Bitcoin, which is a form of digital currency.
“Once the money is deposited into a Bitcoin ATM, the money is gone, almost immediately. It is unlikely that the money will ever be located,” the department said in a public announcement. is inserted.”
Scammers have told people they are local police, US Marshals, Border Patrol and other law enforcement, according to the department. Scammers tell victims that they must pay a certain amount to have the charges dropped.
Attorney Brian Levin of Levin Law said his office receives hundreds of calls each month from people who have been defrauded in cryptocurrency scams.
“We’ve seen people who have invested millions upon millions of dollars on this representation. And then when people go to withdraw their money, they’re told, ‘well, you have to pay a 20% tax,'” Levin said.
However, he said there is little scope for the scams happening in Fort Thomas.
“Cryptocurrency transactions are not reversible, unlike certain cash transactions with banks, so once the money goes out, there’s essentially no getting it back,” Levin said. “Because even if you can identify where the cryptocurrency is on a blockchain, it’s almost impossible for them to get hold of that cryptocurrency and get it back. And a lot of times it’s in a private wallet, which makes it virtually impossible to get .”
Levin said much of the firm’s current work focuses on suing large companies for privacy-related issues, such as allowing unauthorized parties to get into people’s accounts. A lot of it is in the cryptocurrency space, he said.
Fort Thomas police said other scammers have changed email domain names.
“Once they click on these domain names, they are able to take over your computer and then begin their demands,” the department said.
According to the department, there are Bitcoin ATMs all over the Northern Kentucky and Greater Cincinnati areas. They are usually at small gas stations, convenience stores and liquor stores.
“If you find yourself in a situation, in front of or inside one of these locations while talking to these scammers, hang up the phone and contact your local police department immediately,” the department said. “Please remember that police departments will not ask you to give money to get out of warrants or trouble over the phone. Do not give any personally identifying information over the phone. If they ask you to deposit money into a Bitcoin ATM, it a scam!”
Levin said hacking scams are happening across the country, and anyone can be just a click away from becoming a victim.
“Criminals see that many people are investing in cryptocurrency. And criminals see that people are used to these huge returns, Levin said. “It’s much easier than people appreciate for criminals to install malware and spyware on your computer. So if you click on a link, you can immediately or almost immediately have malware or spyware installed on your computer. And that’s true on your phone, too.”
Levin said his firm has been successful in helping people retrieve their belongings in these cases.
