TRM Labs: Crypto ATMs Processed At Least $160 Million in Illegal Transactions

According to a report by blockchain analysis company TRM Labs, the cash-to-crypto industry, mainly through cryptocurrency ATMs, has processed at least $160 million in illicit transactions since 2019. By 2023, illegal transfers to known scam addresses through cash-to-crypto services are expected to reach as high as $30 million, accounting for 79% of the total. The report highlights growing concerns among global law enforcement agencies about the use of crypto ATMs. Recently, Germany's financial regulator BaFin seized 13 crypto ATMs and confiscated about $280,000 in cash. Similar actions have been taken by countries such as the UK and the US.