Tasmania joins national crackdown on crypto ATMs after scams lead to millions in losses
2025-07-11 10:01:05
Main Idea
Tasmania has joined a national crackdown on crypto ATMs following a surge in scams, with significant financial losses reported, particularly affecting elderly victims.
Key Points
1. Tasmania Police identified the top 15 users of crypto ATMs as scam victims, with losses totaling approximately AU$2.5 million, including AU$900,000 deposited via crypto ATMs.
2. Individuals over 50 accounted for nearly 72% of total transaction value at crypto ATMs, with those aged 60 to 70 making up almost 30%.
3. Authorities, including AUSTRAC and the Australian Federal Police, are working to dismantle illicit crypto ATM networks and strengthen oversight.
4. AUSTRAC introduced new operating measures under Australia’s anti-money laundering and counter-terrorism financing laws to address the issue.
5. Scammers often directed victims to crypto ATMs to deposit funds, with many victims relying on pensions.
Description
Authorities in Tasmania have uncovered a surge in crypto ATM-related scams that have led to multi-million-dollar losses for locals. According to a July 11 press release , Tasmania Police Cyber Investigations has identified that the top 15 users of crypto ATMs in the state are scam victims. None of the victims had used the machines for legitimate purposes such as personal investment, remittance, or routine asset transfers. Notably, the individuals were either directly defrauded or unknowingly wor...
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