Australian Federal Police Lead Crypto ATM Crackdown
Australian federal police contacted over 90 Australians in a crackdown on the criminal use of crypto ATMs, focusing on victims of scams and suspected offenders. A 77-year-old widow lost 433,000 Australian dollars ($281,947) to an online dating scam, where she was manipulated into investing in Bitcoin through fake documents. She withdrew cash from regular ATMs to feed into Bitcoin ATMs, ultimately losing her life savings over 18 months. Another woman in her 70s lost over $200,000 after responding to a fraudulent trading advertisement. Police identified high-risk users of crypto ATMs, charging one with property laundering and issuing cautions to others suspected of illicit activities. Many were scam victims who unknowingly assisted criminals. AUSTRAC has implemented new rules for crypto ATM operators to combat scams, highlighting the prevalence of scams involving promises of quick profits or urgent deadlines. Australia’s ReportCyber received 150 reports of crypto ATM scams from January 2024 to January 2025, with losses exceeding 3.1 million Australian dollars ($2 million).
