Cop intercepts $40,000 Bitcoin ATM scam by Chase Bank impersonator

The NFT Unicorn 015e3ed7-b3b3-4118-aea8-70a4cfddbf37 Cop intercepts $40,000 Bitcoin ATM scam by Chase Bank impersonator Crypto News

A police officer from White Settlement, Texas, intercepted an ongoing scam by a Chase Bank impersonator who tricked an elderly woman into withdrawing $40,000 and depositing it into a Bitcoin (BTC) ATM machine. 

On June 19, the White Settlement Police Department (WSPD) reported that officers were able to stop a scam while it was unfolding. According to the WSPD, a concerned citizen called their dispatch center when they saw an elderly woman depositing huge amounts of cash into a Bitcoin ATM.

The citizen believed the woman was being scammed after hearing her phone conversation.

Police officer interrupts Bitcoin ATM scam

The WSPD reported that the suspect threatened the victim that she would be arrested if she didn’t send the funds. This is a common tactic used by scammers engaged in pig butchering scams. The victim also saw that the caller ID said “Chase Bank” and was tricked into believing it was an employee.

The perpetrator then arranged for a ride service to pick up the woman and led her to a local Chase Bank to withdraw the money. After that, the suspect led her to a convenience store with a Bitcoin ATM machine to deposit the funds.

In the dashcam footage released by the police department, an officer on the scene could take over the conversation. The Chase Bank impersonator continued to attempt to speak to the victim and get her to complete a transaction but was stopped by the WSPD.

While the police stopped any further damage, the woman had already deposited $23,900 into the crypto ATM. The authorities are working with government officials to attempt to recover the funds and return it to the victim.

Related: US shutdowns lead to global decline in Bitcoin ATMs

Sergeant James Stewart, the officer who responded to the call, said that he thought about his mother while looking at the elderly victim. He said:

“All I could do is visualize my mom in this case. […] I wish we could find this guy and place him behind bars for a very long time because he is probably doing this to other people.”

Meanwhile, Chief of Police Christopher Cook thanked the concerned citizen who reported the incident. The department plans to recognize the citizen at a future council meeting.

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Source: Cointelegraph