Tasmanians Duped Out of Millions in Crypto ATM Scam
Financial scammers have swindled more than a dozen Tasmanians out of an estimated $2.5 million using cryptocurrency ATMs. One individual lost over $750,000, spotlighting a growing threat to vulnerable populations.
Crypto ATMs Facilitate Scams
An investigation by **Tasmania Police** revealed that 15 people were victims, with approximately $900,000 directly deposited into crypto ATMs. These machines, resembling regular ATMs, facilitate the purchase or sale of cryptocurrencies like Bitcoin and Ethereum.
According to **Detective Sergeant Paul Turner**, “All of those persons depositing large amounts of funds were victims of some type of scam.”
The victims averaged 65 years old, with individual losses around $165,000. As the AARP reports, scams targeting older adults are on the rise, with losses increasing dramatically in recent years (AARP).
Devastating Impact on Victims
“The victims of these scams, they suffer lifelong impacts,”
said **Detective Sergeant Turner**, highlighting that many had to delay retirement or sell assets and rely on social services.
The cybercrime investigation found scammers used intimidation, false promises of high returns, and urgency to manipulate their targets. Romance, investment, government authority, and tech support scams were common.
The Unknown Extent of Crypto Fraud
Scammers often target older individuals who lack understanding of cryptocurrencies, luring them with promises of lucrative investments. One victim lost $750,000 in an investment scam where fraudsters convinced them to send more funds to recover initial losses.
Initial contact was often via phone, email, or social media, with scammers moving conversations to encrypted apps like WhatsApp or Telegram.
Although crypto ATMs facilitate money laundering, **Sergeant Turner** noted that financial scams, overall, have remained consistent in Tasmania. However, limited police resources hinder understanding the full extent of crypto-related scams.
**Turner** stated, “There’s no doubt there’s significantly more people out there who have put cash into these ATMs that either know they’re a victim or haven’t identified that factor yet,”
ATM Proliferation and Regulation
Tasmania has seen a surge in crypto ATMs, growing from one in 2021 to 21 in 2025, located in supermarkets, milk bars, and bottle shops. This trend is mirrored nationally.
**AUSTRAC**, the financial crime regulator, reported approximately 60 crypto ATMs Australia-wide in 2022, estimating 1,600 by March 2025. Bitcoin’s value has also tripled, rising from $65,000 in early 2022 to nearly $180,000 by July 2025.
The **Tasmania Police** investigation coincides with a national crackdown on criminal use of crypto ATMs. **AUSTRAC** found that the majority of ATM transactions involved cash deposits for Bitcoin, but highlighted a worrying increase in scam and money laundering links.
Most victims are middle-aged or older, with those over 50 accounting for almost 72% of crypto ATM transactions. **AUSTRAC** CEO **Brendan Thomas** noted that people aged 60 to 70 are among the most frequent users.
**Mr. Thomas** has previously stated that federal regulation failed to keep pace with the growth of the cryptocurrency sector and the rising number of crypto ATMs.