Global law enforcement agencies are concerned about the use of crypto ATMs in fraudulent schemes, according to analytics firm TRM Labs.

- In 2023, 79% of all illegal cash-to-cryptocurrency transfers, more than $30 million, went to known fraudulent addresses.

- Since 2019, crypto ATMs have processed at least $160 million in illegal transactions.

- Crypto ATMs have been raided and seized in Germany, the UK, and the US.

Lack of controls and use of cash make crypto ATMs vulnerable to money laundering, the report claims.