It’s happening right under our noses. And honestly, it makes me want to puke. We’re talking about the big steal—but it’s no usual bank job. This go-around, the bad guys are operating a crypto ATM, and their mark is your grandma.

I know, the crypto space may feel really theoretical right now. We hear a lot about blockchains and decentralization, NFTs and the metaverse. Let's get real for a second. Forget the jargon. Think about your grandmother, the nice old lady who bakes cookies and sends you birthday cards with a $20 bill folded in. Now imagine her being methodically looted of her entire life’s savings.

And that is precisely what is happening with alarming regularity and the disturbing thing is how little public outcry I observe over it. Have we become so numb to the crypto free-for-all that we would allow our most vulnerable elders to be taken advantage of like this?

Why Aren't We Screaming Louder?

Consider this – for a while, the Westerly Police Department was working cases where people lost $40,000 in less than 48 hours. $40,000! That’s an entire lifetime of saving for many individuals. And Rhode Island isn't alone. This is a nationwide problem.

The scam is simple, yet devastatingly effective. Scammers particularly target older adults, commonly posing as government representatives or warning of impending legal action. They get their victims to go and draw out thousands of dollars in cash. Next, they instruct them to deposit that cash into cryptocurrency ATMs, misleadingly advertising them as a “federal payment kiosk” or some such nonsense.

  • Jury Duty Scams: "Deposit $5,000 to avoid jail time!"
  • IRS Impersonation: "Pay your back taxes immediately or face penalties!"

The victims, confused and frightened, comply. And once that money is in the digital ether, it’s not like you’re getting it back. Poof. As futile as trying to catch smoke with a colander.

The core issue? Unlike traditional banks, most crypto ATMs do not have basic consumer protections in place. No daily limits. No red flags triggered by unusual activity. Just a gaping maw ready to devour innocents whole.

Crypto's Dirty Little Secret

Here's where the "unexpected connection" comes in. We cheer on crypto’s disruptive potential, its capacity to go around established financial incumbents. Unfortunately, that same decentralization is an environment ripe for exploitation. It’s like celebrating the beauty and freedom of the ocean, while pretending that even the pirates aren’t hiding below the waves.

The crypto community likes to preach the ethics of DYOR or “do your own research.” How many 75-year-olds are ready to be able to understand the nuances of blockchain technology and identify elaborate fraud schemes? Asking them to DYOR is like telling someone who can't swim to just "figure it out" in the middle of the ocean.

Is this really the future we want? A future in which our pace of technological innovation is paid for on the backs of our most vulnerable citizens? A future where the ideals of open markets and financial freedom are rather a subterfuge for predatory behavior?

Time to Protect Our Grandmas

The silence is deafening. Where's the collective outrage? Where are the big crypto exchanges taking this initiative to introduce higher security standards? Where’s the concerted, industry-wide effort to warn older adults about these scams?

AARP Rhode Island is proving to be a force multiplier. They are making swift headway backing legislation like House Bill 5121 and Senate Bill 16 to set transaction limits and strengthen consumer protections. The Rhode Island House has already passed H.5121. It’s time for the Senate to follow suit and pass the bill.

Legislation alone isn't enough. We need a cultural shift. Related Let’s redefine how we identify these scams. They are not just freak occurrences, they are evidence of a systemic issue that deserves our urgent attention.

And if we don’t, then sure enough, perhaps it doesn’t matter to anyone. And that's a damn tragedy. Don’t let apathy win. Share this. Talk about this. Let’s raise a ruckus, before a grandma gets ripped off again. The clock is ticking.

It's time to demand accountability from crypto ATM operators.

It's time to protect our grandmothers.

And if we don't, then yes, maybe nobody cares. And that's a damn tragedy. Don’t let apathy win. Share this. Talk about this. Let's make some noise before another grandma gets robbed blind. The clock is ticking.