FOREST LAKE, Minn. (FOX 9) – The Forest Lake City Council met Monday night to discuss how to handle a surge in scams involving cryptocurrency kiosks.
Forest Lake grapples with cryptocurrency scammers, weighs options
The backstory:
Forest Lake police said victims have lost more than $300,000 in schemes involving cryptocurrency kiosks over the last two years. The Forest Lake City Council met Monday night to consider how to clamp down on the scams. The options include regulating or banning virtual currency machines.
What is cryptocurrency:
Cryptocurrency is a digital currency that is purchased electronically. Both Bitcoin and Ether are popular cryptocurrencies. Cryptocurrency is used for payments and as an investment.
How the scams work:
The scammers typically impersonate police officers or government officials, often convincing victims over the phone that they have committed a crime and need to pay money to avoid jail time. The…
