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New Arizona Law Delivers Lost Money Back to Crypto ATM Fraud Victims
Arizona AG Kris Mayes announced $171,332 in refunds for 35 crypto ATM scam victims under a new state law requiring kiosk operators to repay victims who report fraud within 30 days.
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Arizona Attorney General Kris Mayes said her office recovered $171,332 for 35 residents who lost money in cryptocurrency ATM scams, the first refunds under a state law that took effect Sept. 26. The Cryptocurrency Kiosk License Fraud Prevention law forces operators to return the full amount plus fees if a victim reports the fraud within 30 days to the AG's office or local police.
The law also lowered daily transaction limits. Kiosks must show on-screen warnings that a user acknowledges before completing a purchase, and operators must issue receipts for every deal.