Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesCopyBotsEarn
TRM Labs: cash-to-crypto ATMs Processed at Least $160 Million in Illegal Transactions

TRM Labs: cash-to-crypto ATMs Processed at Least $160 Million in Illegal Transactions

Bitget2024/08/29 12:02

A new report from blockchain analytics firm TRM Labs reveals that the cash-to-crypto industry, which is dominated by cryptocurrency ATMs, has processed at least $160 million in illicit transactions since 2019.In 2023, up to $30 million, or 79 percent, of illicit transfers flowed through cash-to-crypto services to known fraudulent addresses. The report notes that law enforcement worldwide is increasingly concerned about the growing use of crypto ATMs. Recently, Germany's financial regulator BaFin seized 13 encrypted ATMs and seized about $280,000 in cash. Similar actions have been taken in the United Kingdom, the United States, and other countries.

0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Locked for new tokens.
APR up to 10%. Always on, always get airdrop.
Lock now!