Cryptocurrency

Missouri Attorney General Catherine Hanaway calls crypto currency ATMs “getaway cars for fraud.” She discusses how her office is cracking down on the scams, and how to identify the red flags — plus talks about ongoing lawsuits over redistricting.

People are being fleeced out of millions of dollars through cryptocurrency scams. Missouri Attorney General Catherine Hanaway has filed a suit against one crypto ATM company that she says is knowingly enabling scams on their kiosks.

A Missouri House bill would establish a "Bitcoin Strategic Reserve Fund" that would buy, trade, and sell Bitcoin. But over the last 14 years, the cryptocurrency has lost more than 60% of its value six different times.

In the last two years, victims in Clay County have lost $3 million to scammers who fabricate fees for missing jury duty and other cons. The scammers then have them convert money into Bitcoin so it's hard to trace or recover.

Installed inside gas stations, liquor stores and smoke shops, cryptocurrency kiosks tend to be placed in Kansas City neighborhoods with larger numbers of Black and Latino residents. Critics say they're a targeted attempt to exploit financially vulnerable people with steep fees for a volatile product.