You Won’t Believe What Crypto ATMs Are Doing to Aussies’ Wallets!

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Alright, here we go—Australia’s financial watchdog and the cops are giving us a big ol’ warning: crypto ATMs are draining wallets faster than a toddler at a candy store.

Between January 2024 and January 2025, 150 people decided to file reports with ReportCyber about crypto ATM scams. And guess what? They lost a whopping A$3.1 million (US$2 million). Nice, right? And who’s falling for this? Mostly older Australians. The regulators, of course, are scrambling to make everything safer. Sure, sure, no big deal, just a couple million in losses. No pressure!

New Transaction Caps Coming at You!

Here’s the deal: the Australian Transaction Reports and Analysis Centre (AUSTRAC) has rolled out a new rule. You can’t deposit or withdraw more than A$5,000 (US$3,250) at these crypto ATMs. Operators are also required to stick scam warning signs on the machines, which feels a little like putting a “don’t drive drunk” sticker on your car while still letting people drive. But hey, at least it’s a start, right?

Crypto ATM warning

The rules started on June 3. Right now, it’s only the ATM operators who have to follow this, but AUSTRAC is like, “Hey, crypto exchanges—if you’re letting people buy crypto with cash, maybe try this out too?” Brilliant idea, AUSTRAC. Let’s hope the scammers take a lunch break.

AUSTRAC CEO Brendan Thomas says they’ll be keeping an eye on the situation. If the rules don’t work, they might “adjust” things. Adjust. That’s the word. Classic bureaucratic move.

Seniors Getting the Short End of the Stick

And now, the plot thickens: the folks most likely to get scammed? Older Australians. Over 50s are the prime target for these crypto ATM schemes. In fact, a staggering 72% of the money lost comes from this age group. Yikes!

So, how do these scams work? Scammers tell these poor folks they need to send money to a crypto ATM to “prove” an investment or “recover” stolen funds. Oh, sure, that sounds totally legit. And many don’t even realize they’ve been scammed until it’s too late. Because why would anyone suspect something weird about depositing money into a machine that looks like it belongs in a futuristic video game?

Crypto Scam Alert

Public Reporting? Yeah, It’s Kinda Low

AFP Commander Graeme Marshall says a lot of victims don’t report the scams. Why? Because, let’s be honest, who wants to admit that they fell for a scam involving crypto? Some people are too embarrassed. Others just don’t know how to report it. Marshall says, “Hey, tell your family and friends about it!” That way, you can save others from making the same mistake. Maybe they’ll still laugh at you, but at least they won’t lose money too.

Right now, the AFP has 150 reports logged over 12 months. But they’re not fooling anyone. That’s just the tip of the iceberg. They’re pretty sure a lot more scams are happening in the shadows. Not a shocker, really.

Crypto ATM scam increase

Crypto ATMs Everywhere—Great. Just What We Needed

Australia was a little late to the crypto ATM party—just 67 machines back in August 2022. Fast forward to June 2025, and—surprise!—there are nearly 1,820. That puts Australia in third place globally for crypto ATMs. If you want to know what it’s like in a country where crypto is booming, just ask your grandma. She’s probably about to lose her retirement savings to one of these things.

In just one year, almost 150,000 cash transactions went through, moving a cool A$275 million (US$178 million) into Bitcoin, Ether, and other cryptos. Companies like Localcoin, Coinflip, and Bitcoin Depot are in the lead, but at this point, they’re all just part of the scam machine factory.

More ATMs? More chances for scammers to do their thing. So, yeah, let’s hope someone is actually paying attention at these machines. Otherwise, this could turn into the biggest con since… well, ever.

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2025-06-03 22:17