A Bitcoin ATM business and three of its executives have been accused of money laundering and conspiracy-related crimes over unlicensed kiosks that allegedly benefitted from the work of cryptocurrency scammers.
” exploited the lack of anti-money laundering protections in the firm’s systems to transfer funds out of users’ crypto wallets.a press conference that “these ATMs are ready-made for scammers,” adding that they:
“Direct the victims, which are often elderly or otherwise vulnerable, to specifically go to Bitcoin of American ATMs, take money that they’ve withdrawn from their savings accounts or 401Ks,” They are then instructed to put the cash into the machine in exchange for BTC in a wallet they think is theirs but have no control over, he explained.
He added that in one instance, an elderly gentleman lost $11,250 in three transactions to one of the dodgy kiosks in under an hour to this scam.Meanwhile, the company allegedly pocketed a 20% transfer fee each time this occurred and continued to do even after learning they were fraudulent. The indictment also accuses the company of being able to operate due to “written misrepresentations regarding the nature of their business to government agencies,” helping it run the kiosks without a money transfer license, according to a Mar. 3 report from
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