Texas crypto kiosk fraud losses reach $56.8M in 2025; legislators consider ban

According to ME News, on July 31 (UTC+8), FBI data disclosed by the Texas State Legislative Committee revealed that Texas suffered $56.8 million in losses last year due to crypto kiosk fraud—the highest among all U.S. states—involveing 1,179 complaints. Nationwide, total losses from such scams in 2025 reached $389 million, a 58% year-over-year increase, with 13,460 complaints filed. These devices accept cash in exchange for cryptocurrency and are commonly located at gas stations and convenience stores, with approximately 4,000 installed across Texas. Scammers typically trick victims into withdrawing cash from banks and depositing it into the machines; the funds are then transferred to non-custodial wallets and laundered through mixers, making recovery extremely difficult. To date, around 30 U.S. states have enacted related legislation, with South Dakota, Wisconsin, Virginia, and others imposing transaction limits. Maine’s regulators have secured a $1.9 million payout from Bitcoin Depot. Indiana became the first state to fully ban such devices in March this year, followed by Tennessee and Minnesota. Cole Hefner, chair of the relevant Texas House committee, stated that Texas is considering measures “beyond mere regulation” and hinted at introducing a potential ban. (Source: Foresight News)