The post The Dark Side of Crypto appeared on BitcoinEthereumNews.com.

In an effort to curb the misuse of cryptocurrency ATMs, Australian authorities have identified 90 individuals, many of them scam victims or unwitting money mules, following a months-long investigation led by AUSTRAC’s cryptocurrency taskforce. The operation was conducted in collaboration with federal and state law enforcement agencies and marks a significant step in understanding how crypto ATMs are being co-opted to facilitate fraud and the laundering of illicit funds. Widow Scammed Out of $281K in Crypto ATM Scam According to the official press release, the investigation targeted users with unusually high volumes of transactions, drawing from ATM data across all Australian states. Analysts found that many of the top users were not orchestrating criminal schemes, but rather had been manipulated into them. In a particularly distressing case, a woman in her 70s lost over $281,000 after falling prey to romance and investment scams, and repeatedly deposited cash into crypto ATMs under false promises. Another victim, also a woman in her 70s, was conned out of more than $130,000 after engaging with what she believed was a legitimate investment platform. AUSTRAC CEO Brendan Thomas said the findings were more alarming than expected. He added: “It’s hard to hear these stories, but now we have a better picture of the harms being perpetrated through crypto ATMs, we are better placed to take action, including working with the industry to harden the sector against criminal misuse.” In response, AUSTRAC recently introduced minimum operational standards for crypto ATM providers. This includes a $5,000 limit on cash transactions, mandatory scam alerts, and improved customer verification and transaction monitoring protocols. These regulatory changes aim to tackle the exploitation of the machines by fraudsters and reduce opportunities for laundering proceeds from criminal activity. The operation was coordinated by NSW Police and supported by the Australia-New Zealand Crypto…

---

Filed under: News - @ June 28, 2025 8:28 pm