Cryptocurrency ATMs become the new favorite of scammers, revealing the wealth trap behind them

Hey, friends, today we are going to talk about a new gadget that seems high-tech but is played by scammers - cryptocurrency automatic teller machines (ATMs). Do you think these machines are for the convenience of ordinary people like us to withdraw Bitcoin or something? Hey, think too much! In fact, they have become the "wealth fast lane" for scammers.

Scammers' new favorite: cryptocurrency ATM

First, let's see how scammers use these machines. Imagine that Annie, an innocent victim, was fooled by scammers to put cash into the cryptocurrency ATM. The money was instantly converted into cryptocurrency and then mysteriously disappeared in offshore exchanges. Tracking these transactions is not an easy job, because these exchanges are like the villain's nest in the movie, hidden in areas that are unwilling to cooperate with US law enforcement.

Regulatory loopholes and huge losses

Why do scammers like cryptocurrency ATMs? Because the identification requirements of these machines are much looser than those of online exchanges, it is simply a paradise for scammers! According to the first public calculations by the FBI, the United States lost more than $120 million to cryptocurrency ATM fraud in 2023 alone! Yes, you read that correctly, this is a huge loss.

Legal loopholes and high fees

The question is, how high are the operating expenses of these machines? Up to 20% of the transaction amount! In other words, for every dollar you put in, 20 cents goes into the pockets of the operators. To make matters worse, due to the lack of effective supervision of the operation of these ATMs due to the lack of laws and enforcement, the scammers are simply like ducks in water.

The dark side: money laundering and terrorist organizations

What’s more worrying is that these ATMs are not just a simple scam. They are also used to support terrorist organizations and conduct large-scale money laundering. Yes, the plots in the movie really exist in reality, and we are witnessing it. #以太坊ETF批准预期 #山寨季何时到来？ #WazirX黑客事件 #美国大选如何影响加密产业？ #加密资产盗窃 $BTC $SOL $ETH