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Authorities in Tasmania have revealed that the top 15 users of crypto ATMs in the state were all victims of scams.
These individuals lost a total of 2.5 million Australian dollars (about $1.6 million USD), with more than $592,000 of that deposited directly into crypto machines.
The findings were shared by Tasmania Police’s cybercrime unit, which has been working across Australia to tackle misuse of crypto ATMs.
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Detective Sergeant Paul Turner said scammers often directed people to crypto ATMs after banks or financial apps blocked their transactions. Once those attempts failed, the fraudsters would tell the victims to use a crypto machine instead.
Turner said, “Victims are being manipulated, intimidated and pressured into investing in fake investment and romance scams”.
He added that the impact can be long-term. Some people end up needing government support, selling their belongings, or delaying retirement because of the money they have lost.
Turner also warned:
If you are asked to deposit cash into a cryptocurrency ATM by someone you’ve never met in person, or the offer comes with a high-pressure deadline or urgent tone, then it is likely a scam.
On June 25, the Australian Federal Police and AUSTRAC launched a national operation aimed at stopping criminals from using crypto ATMs to transfer funds. What did they discover? Read the full story.
Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.
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