Ohio crypto crime unit surpasses $500K in scam recoveries as lawmakers weigh new regulations
Ohio investigators have recovered more than $500,000 for victims of cryptocurrency scams since launching a specialized financial-crimes unit in 2024.
Attorney General Andy Wilson announced this week that the Ohio Bureau of Criminal Investigation’s Electronic Financial Investigations Unit has now surpassed $500,000 in recoveries for victims of cryptocurrency-related crimes.
“If you fall victim to a cryptocurrency scam, report it immediately to the police,” Wilson said in a statement. “BCI stands ready to help local law enforcement track down your stolen money.”
The specialized unit was created in the summer of 2024 and includes forensic accountants, special agents and criminal-intelligence personnel focused on investigating large-scale financial crimes involving cryptocurrency and other online fraud schemes.
The unit investigates offenses including cryptocurrency theft, online investment scams, account-liquidation fraud and romance scams involving financial exploitation.
In one recent case, investigators traced funds stolen through an alleged investment scam after a victim lost approximately $1.1 million. Investigators ultimately obtained a warrant allowing the state to seize roughly $40,000 in recoverable assets, while officials said more than $900,000 could potentially be recovered as the investigation continues.
The announcement comes as Ohio lawmakers consider new regulations aimed at preventing fraud involving cryptocurrency kiosks and other digital-asset transactions.
This comes as lawmakers debate House Bill 648, legislation that would establish new regulations for virtual-currency kiosks, commonly known as cryptocurrency ATMs.
The bill would require operators to obtain licenses, provide consumer warnings, disclose fees and implement anti-fraud safeguards. It would also create transaction limits and establish refund rights for certain fraud victims.
Supporters argue the legislation is needed because cryptocurrency kiosks have become a common tool in scams targeting older Ohioans.
“These scams are despicable, destructive to society,” Rep. Matthew Kishman, R-Minerva, said when introducing the legislation earlier this year.
The FBI received nearly 11,000 complaints involving crypto ATM fraud nationwide in 2024, according to previous reporting. In one Ohio case last year, BCI recovered more than $35,000 for a 73-year-old woman after a scammer convinced her to deposit money through a Bitcoin ATM.
Even as state officials pursue stronger anti-fraud measures, some Ohio leaders continue to support broader adoption of cryptocurrency technology. Last year, Treasurer Robert Sprague and Secretary of State Frank LaRose backed efforts to allow Ohioans to use cryptocurrency to pay certain state fees and services.
The Electronic Financial Investigations Unit also provides training and fraud-prevention education to banks, insurers, state agencies, and local law enforcement departments across Ohio as cryptocurrency-related crimes continue to grow.
