She Thought It Was Love… Then Lost $430K in a Crypto Scam

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The post She Thought It Was Love… Then Lost $430K in a Crypto Scam appeared first on Coinpedia Fintech News

Australia’s major crypto crackdown has taken an unexpected turn. On Wednesday, a nationwide law enforcement operation targeting crypto ATMs identified 90 individuals linked to suspected scams—only to discover most were actually victims, not offenders.

Despite tightening regulations, Australia continues to battle rising crypto ATM scams. The Australian Transaction Reports and Analysis Centre (AUSTRAC), in collaboration with state police and other agencies, launched a sweeping probe into crypto ATM usage across the country.

Top Crypto ATM Users Flagged—But Here’s the Twist

Authorities analyzed high-volume crypto ATM users across every Australian state, expecting to catch key fraudsters. However, AUSTRAC CEO Brendan Thomas confirmed that “many of the top transactions in each state were involved in illicit activity—but the majority were innocent victims.”

In some cases, scammers had manipulated unsuspecting Australians into repeatedly using crypto ATMs to deposit funds—thinking they were making investments or helping someone in need.

Heartbreaking Victim Stories Emerge

One woman in New South Wales only realized she was scammed when police visited her home weeks after her last transaction.

Another woman in her 70s lost over $430,000 in a romance scam. Another senior was conned by a fake investment ad and lost more than $200,000, with no chance of recovery.

“Sadly, she’s not the only one,” said Thomas. “These scams are targeting vulnerable people and costing them their life savings.”

AUSTRAC and Police Tighten ATM Rules Amid Crypto Crime Wave

In response to the surge in crypto-related scams, AUSTRAC has now:

Imposed a $5,000 cap on crypto ATM deposits
Enforce enhanced customer verification procedures
Mandated scam warnings on all crypto ATM screens

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The operation was led by the NSW Police, AUSTRAC, and the Australia-New Zealand Crypto Practitioners Working Group (ANZCPWG), with national coordination by the AFP-led Joint Policing and Crime Coordination Centre (JPC3).

Despite these measures, Thomas issued a stern warning:

“Depositing cash into crypto ATMs is risky. Users should be extremely cautious.”

Crypto ATM Crime: A Growing Concern in Australia

This investigation highlights how crypto ATM fraud is becoming a major security challenge—even as regulators try to catch up.

With scam losses soaring and victims growing in number, Australia’s regulators are calling for increased public awareness and stricter surveillance on crypto transactions.