According to ChainCatcher news, police in Lubbock, Texas, reported that Bitcoin-related fraud cases have increased significantly, and victims have suffered heavy losses. Over the past few months, 20 to 30 people have reported scams involving gift cards and Bitcoin transactions.

Scammers often target older adults, claiming their accounts have been compromised and need to be verified. Victims were instructed to write checks, withdraw cash, and deposit funds into Bitcoin machines. Officer Brandon Stewart recalled a case in which a victim transferred $25,000 and then $30,000.