ChainCatcher reported that according to Coindesk, the latest report from blockchain analysis company TRM Labs shows that since 2019, the cash-to-crypto industry, which is mainly based on cryptocurrency ATMs, has processed at least $160 million in illegal transactions.
In 2023, illegal transfers to known scam addresses through cash-to-crypto services reached $30 million, or 79%.
The report pointed out that global law enforcement agencies are increasingly concerned about the growth of crypto ATM use. Recently, Germany's financial regulator BaFin seized 13 crypto ATMs and seized about $280,000 in cash. The United Kingdom, the United States and other countries have also taken similar actions.
TRM Labs emphasizes that crypto ATMs face additional money laundering risks due to the use of cash and the lack of face-to-face communication or account opening controls. It is worth noting that 13% of digital asset fraud cases involving people over 60 in 2023 were related to Bitcoin ATMs.
Although the United States has shut down more than 1,000 machines since May, it still has the most crypto ATMs in the world, with more than 31,000. Australia's crypto ATM count has grown 17-fold in two years, making it possibly the world's third-largest market.