Australian police seize $4.7m in crypto ATM bust

Police officers have made a major bust in Sydney, seizing cryptocurrency ATMs, laptops, phones and other hardware related to various illegal operations, including drug trafficking.

Officers arrested three suspects and seized $4.7m in cash in the city’s inner-south, media reported.

The men were taken to the Mascot Police Station and charged with numerous offenses, among which money laundering related to the distribution of unlicensed crypto ATMs.

The operation was a part of a bigger effort across the state to clamp down on organized crime.

Police did not give many details about the crypto ATMs but added that authorities in New South Wales were continuing to double down their efforts and eradicate fraud and organized crime from Sydney and the region.

Meanwhile, Australians have been increasingly becoming victims of sophisticated cryptocurrency scams that have targeting them indiscriminately.

Many of the victims are highly educated individuals who are not fully aware of how crypto works, hence why the Australian Federal Police and other regulators have issued a fair warning about the dangers of dabbling into crypto too readily.

The use of unregulated crypto ATMs by criminal organizations could also prove a weakness in the overall efforts to suspend criminal efforts involving crypto.

So far, there are 54 Bitcoin (BTC) ATMs in the country, so their regulation has been easy enough, but rogue parties may take advantage of more naive consumers.

If you want to stay safe, the best way to use your BTC is at igaming sites such as Bitcasino, 1xBit or FortuneJack.

Source

Updated: 04/11/2022 — 14:00