3 men, 1 business charged in cryptocurrency scam; avoid Bitcoin of America ATMs, Cuyahoga Co. prosecutor says

Three individuals and one business are indicted on a charge of engaging in a pattern of corrupt activity among several other charges for operating cryptocurrency kiosks in Northeast Ohio. In total, 30 law enforcement offices were involved with the investigation.

Wednesday, police agencies seized 52 Bitcoin of America ATMS in mostly neighborhood gas stations throughout Lorain and Cuyahoga counties.In 2021, Bitcoin of America’s profits from cash deposits in Ohio was more than 3.5 million, according to investigators. BOA operates over 2,600 crypto ATMs across 35 states and is the 4th largest cryptocurrency ATM in the nation.

Forschen added the company misrepresented its money transfer capabilities to avoid Ohio regulators and because of the lack of regulations, BOA became attractive to scammers. Investigators stated that Bitcoin of America takes 20% of every transaction without revealing it to users beforehand.

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