Illinois Attorney General Kwame Raoul has urged residents to report cryptocurrency fraud promptly and beware of recovery scams. A new state law simplifies refunds for victims using crypto ATMs who file police reports. Raoul emphasized quick action to aid law enforcement efforts.
In a news release, Illinois Attorney General Kwame Raoul encouraged residents who have lost money to cryptocurrency scams to contact law enforcement immediately and exercise caution with so-called recovery services. The advisory highlights a recent Illinois law that eases refunds for customers scammed at crypto kiosks or ATMs, provided they file a police report. Victims must notify the ATM operator within 30 days of the incident and submit the police report to the operator within 60 days to qualify.
Raoul stressed the urgency of reporting, stating, “It’s important that victims of cryptocurrency scams act quickly to report the incident. Under a new Illinois law, victims who used a crypto ATM may be able to obtain a refund. Regardless of whether you used an ATM, mobile app, or online website, 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.”
Reports should detail the exact amount lost, date and time of the transaction, scam description, scammer contact information such as websites, social media profiles, phone numbers, or emails, wallet addresses, and the physical location of the kiosk or ATM, or the name of any app or platform used.
The attorney general also warned of secondary recovery scams targeting initial victims, noting that crypto assets can only be recovered through legitimate law enforcement channels. The Federal Trade Commission and Commodity Futures Trading Commission advise against paying for recovery assistance.
Common red flags include online romantic interests requesting cryptocurrency, unsolicited investment offers promising high returns, fake celebrity endorsements for giveaways, guarantees of risk-free profits, and directions to unfamiliar exchanges. Raoul advised stopping all communication with suspected scammers, as they often pressure victims for more funds to 'unlock' accounts.
For more information, visit the FBI’s website. Victims can file complaints via the Attorney General’s website or call hotlines: 1-800-386-5438 (Chicago), 1-866-310-8398 (Español), 1-800-243-0618 (Springfield), or 1-800-243-0607 (Carbondale).