Tasmania's Top 15 Crypto ATM Users Lose $2.5 Million to Scams

- Tasmania Police reveal $2.5 million in scam losses. - Police identified 15 top crypto ATM users as victims. On July 11, 2025, Tasmania Police revealed a concerning trend in ATM misuse, announcing that the state's 15 highest-volume crypto ATM users collectively lost $2.5 million to scams. On the same day, Cointelegraph, Cryptopolitan, and AInvest reported that victims deposited approximately $900,000 of these losses directly through cryptocurrency ATMs. The announcement followed an investigation by Tasmania Police into the rising use of cryptocurrency ATMs, which began after the number of these machines across the state jumped from one in 2021 to over 20 by mid-2025. The inquiry found no legitimate activity in high-volume ATM transactions, discovering that scammers exploited these machines through schemes like romance scams and fraudulent investment opportunities. Detective Sergeant Paul Turner stated that scammers often instruct victims to use crypto ATMs after traditional banking channels flag suspicious transactions. As a result, the victims, primarily older individuals around 65 years of age, suffered severe consequences, including becoming financially dependent on pensions, selling assets, and delaying retirement. Turner emphasized the significant socioeconomic impact these scams have had in Tasmania. These findings align with broader concerns about crypto ATM misuse in the region and globally. In response, Australian authorities introduced tighter operational rules for crypto ATMs, which include a $5,000 limit on cash deposits and withdrawals, enhanced customer identification protocols, and mandatory scam warnings. Approaches to crypto ATM regulation differ globally. New Zealand, for instance, is moving toward an outright ban to strengthen its anti-money laundering and counter-terrorism financing measures, while other jurisdictions are exploring alternative strategies. Despite this growing scrutiny, the international crypto ATM network continues to expand. According to CoinMarketCap on July 11, data as of 12:00 UTC showed Bitcoin (BTC) trading at $30,215, with its 24-hour volume up 1.9%, while Ethereum (ETH) was trading at $1,931, with its volume down 0.5% over the same period.