AUSTRAC Operation Identifies 90 Crypto ATM Scam Victims and Mules

A nationwide law enforcement operation led by AUSTRAC (Australian Transaction Reports and Analysis Centre) has identified 90 individuals, including scam victims, money mules, and suspected offenders, who were among the highest users of crypto ATMs in Australia.

Analysts from AUSTRAC's Cryptocurrency Taskforce examined the transaction profiles of the most prolific crypto ATM users in each state, identifying dozens of cases with potential links to scams or fraud. These cases were then referred to federal, state, and territory police forces as part of a joint effort to protect Australians from illicit crypto ATM activity.

As a result of these referrals, law enforcement contacted the 90 individuals. The majority were identified as scam victims or money mules who had been unknowingly or coercively involved in moving illicit funds through crypto ATMs. Further investigations into other crypto ATM users are ongoing.

Brendan Thomas, CEO of AUSTRAC, stated that analysts found many of the top transactions in each state were linked to illegal activity. He highlighted a case where a woman in her 70s lost over $430,000 through romance and investment scams via crypto ATMs. "We suspected that a large volume of crypto ATM transactions were probably illicit, but disturbingly our law enforcement partners found that almost all of the transactions we referred involved victims rather than criminals," Mr. Thomas said.

This operation, led by NSW Police with support from AUSTRAC and the Australia-New Zealand Crypto Practitioners Working Group (ANZCPWG), follows AUSTRAC's recent implementation of minimum standards for crypto ATM providers. These standards include a $5,000 limit on cash deposits and withdrawals, enhanced customer due diligence, mandatory scam warnings, and improved transaction monitoring. Mr. Thomas urged caution, advising, "For anyone considering using a crypto ATM - if someone asks you to deposit cash into one of these machines, think twice. Sending money to a wallet you don't control likely means you'll lose it."