đš Crypto ATM Scams on the Rise: $30M Funneled to Fraudsters in 2023 đš
A recent report by TRM Labs reveals that over $30 million was funneled to scam addresses via crypto ATMs last year. Since 2019, these machines have processed at least $160 million in illicit transactions. Law enforcement worldwide is increasingly concerned, with Germany's BaFin seizing 13 ATMs and $280,000 in cash this month alone.
Key Points:
- 79% of illicit cash-to-crypto transfers in 2023 went to known scam addresses.
- U.K. and U.S. authorities have also cracked down, seizing numerous machines.
- Crypto ATMs are flagged for money laundering vulnerabilities due to cash use and lack of face-to-face verification.
What are your thoughts on crypto ATMs? Share in the comments! đŹ
