In 2024, three Beverly residents — ages 80, 83, and 90, — lost thousands of dollars to a bitcoin scam, the Beverly Police Department said. But for the first time, police in Essex County were able to recover thousands of dollars lost by the Massachusetts residents.
The residents, police said, were are tricked into depositing cash into bitcoin ATM machines for fraudulent reasons.
Luckily, the residents reported these incidents quickly as Bitcoin machines are often emptied daily.
Beverly Police were able to obtain warrants to seize bitcoin machines where the money had been deposited. Police then worked with the Essex County District Attorney’s Office to go to court and have the funds in the machines held and returned to the residents.
On Jan. 21, a court awarded $21,020 in seized funds to the Beverly Police Criminal Investigation Division. The money is in the state’s possession and is being returned to those residents, officials said in a press release. One person has already received a check.
This is believed to be one of the first times in Essex County that the money has been recovered and returned to victims of such scams.
But even more money could be returned to residents.
The Beverly Police Department has seized more than $150,000 that has not yet been ordered returned by courts, officials said. The department continues to work with District Attorney Tucker’s Office to have those funds returned.
Bitcoins scams have stolen millions of dollars in cash from residents statewide.
The Federal Trade Commission (FTC) warns people that scammers often pretend to be from an organization you know, such as the Social Security Administration, the IRS, Medicare, a charity or business.
“Scammers pressure you to act immediately,” the FTC warns. “They might tell you not to hang up so you can’t check out their story. They might threaten to arrest you, sue you, take away your driver’s or business license, or deport you. They might say your computer is about to be corrupted.”
The scammers will also often insist that you pay through Bitcoin, a money transfer company or by putting money on a gift card and then giving them the number on the back. Some scammers could send you a fake check, tell you to deposit it and ask that you send them the money.
Beverly residents worried about being involved in a scam are asked to immediately contact the Beverly Police Department at 978-922-1212.
