Illinois Attorney General Kwame Raoul has issued a warning to residents about the increasing threat of cryptocurrency-related scams. Raoul is urging anyone who has lost money through such schemes to report the incidents to law enforcement and be wary of services that claim they can recover lost funds.
A recent change in Illinois law now allows victims who have used crypto kiosks or ATMs and fallen victim to scams an easier path to seek refunds. To qualify, consumers must file a police report, notify the crypto ATM operator within 30 days of the scam, and submit the police report to the operator within 60 days.
“It’s important that victims of cryptocurrency scams act quickly to report the incident,” Raoul said. “Under a new Illinois law, victims who used a crypto ATM may be able to obtain a refund. Regardless of whether you used a crypto ATM, giving a complete and accurate report to the authorities allows law enforcement to work on your behalf and can potentially lead to you recovering money if the scammers are caught.”
Victims are advised to include specific details when reporting these crimes: exact amounts sent, dates and times, descriptions of how the scam occurred, any online profiles or contact information used by scammers, wallet addresses involved in transactions, and locations or platforms where funds were sent.
Raoul also cautioned against so-called “recovery scams” that target those already victimized by fraud. He emphasized that only legitimate law enforcement agencies can recover stolen crypto assets. Both the Federal Trade Commission (FTC) and Commodity Futures Trading Commission (CFTC) advise against paying for help in recovering lost cryptocurrency.
To help prevent falling victim in the first place, Raoul outlined several warning signs:
– Online acquaintances or love interests requesting money or offering investment opportunities.
– Unsolicited offers from supposed investment managers promising high returns if you buy cryptocurrency.
– Claims from celebrities—or fake celebrity accounts—offering multiplied returns on crypto sent.
– Promises of large payouts with guaranteed returns and little risk.
– Requests to use unfamiliar online exchanges for depositing funds.
Raoul recommends immediately ceasing communication with suspected scammers. Many people end up sending additional money after initial suspicions arise because scammers claim further payments are needed to release their funds.
He encourages consumers seeking more information about cryptocurrency frauds to visit the FBI’s website. Those who believe they have been targeted can file complaints through the Attorney General’s website or call dedicated Consumer Fraud Hotlines in Chicago (1-800-386-5438), Springfield (1-800-243-0618), Carbondale (1-800-243-0607), or for Spanish speakers (1-866-310-8398).
