Australia’s major crypto crackdown has taken an unexpected turn. On Wednesday, a nationwide law enforcement operation targeting crypto ATMs identified 90 individuals linked to suspected scams—only to discover most were actually victims, not offenders.
Despite tightening regulations, Australia continues to battle rising crypto ATM scams. The Australian Transaction Reports and Analysis Centre (AUSTRAC), in collaboration with state police and other agencies, launched a sweeping probe into crypto ATM usage across the country.
Authorities analyzed high-volume crypto ATM users across every Australian state, expecting to catch key fraudsters. However, AUSTRAC CEO Brendan Thomas confirmed that “many of the top transactions in each state were involved in illicit activity—but the majority were innocent victims.”
In some cases, scammers had manipulated unsuspecting Australians into repeatedly using crypto ATMs to deposit funds—thinking they were making investments or helping someone in need.
One woman in New South Wales only realized she was scammed when police visited her home weeks after her last transaction.
Another woman in her 70s lost over $430,000 in a romance scam. Another senior was conned by a fake investment ad and lost more than $200,000, with no chance of recovery.
“Sadly, she’s not the only one,” said Thomas. “These scams are targeting vulnerable people and costing them their life savings.”
In response to the surge in crypto-related scams, AUSTRAC has now:
The operation was led by the NSW Police, AUSTRAC, and the Australia-New Zealand Crypto Practitioners Working Group (ANZCPWG), with national coordination by the AFP-led Joint Policing and Crime Coordination Centre (JPC3).
Despite these measures, Thomas issued a stern warning:
“Depositing cash into crypto ATMs is risky. Users should be extremely cautious.”
This investigation highlights how crypto ATM fraud is becoming a major security challenge—even as regulators try to catch up.
With scam losses soaring and victims growing in number, Australia’s regulators are calling for increased public awareness and stricter surveillance on crypto transactions.
Never send crypto to unknown people, double-check investment offers, and always verify requests with official sources before acting.
Use machines only for personal use, avoid pressure tactics, read on-screen scam warnings, and enable identity verification features.
Keep personal info private, use two-factor authentication, report suspicious activity, and educate yourself on common scam tactics.
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