Crypto ATMs are “lightly regulated devices” that are installed in convenience stores or gas stations, allowing criminals to use them to convert cash into cryptocurrency and vice versa without being noticed by law enforcement, the DEA explained.
According to Coin Atm Radar, the total number of devices installed in Chicago and the surrounding area is approaching to 1000. During the DEA’s operational activities, it was established that criminal groups from other states, where there are not so many machines, became interested in cryptomats installed in Chicago.
Law enforcement agencies do not disclose the exact volumes of use of cryptomats by drug traffickers, limiting themselves to information that the amount of funds laundered through cryptocurrencies can reach 30% of the turnover of the entire drug trade in the region.
Earlier, the Royal Canadian Mounted Police (RCMP) reported that two local residents lost about $17,000 in cryptocurrency due to fraud. The victims transferred bitcoins to the scammer through a crypto ATM after receiving a fake message about the compromise of personal data.
Source: Bits
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