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