#CryptoScamSurge

Australia has been hit by a wave of cryptocurrency ATM fraud, resulting in significant devastation among elderly victims. In the latest reported case, 15 people from Tasmania lost a total of $2.5 million, according to local police.

The average age of the victims is 65 years, and many are now facing severe financial repercussions.

Police say the fraud involves scammers manipulating people into depositing large sums of cash into cryptocurrency ATMs. The methods of fraud range from emotional deceit to investment schemes and impersonating authorities or technical support.

Victims are often threatened or deceived with false promises of getting their money back, leading to irreversible losses once the cryptocurrency is transferred.

Cryptocurrency ATMs do not provide any recovery mechanism, unlike traditional banks. As a result, once a victim sends money to the scammer's wallet, the funds are lost. In one exceptional case, a Tasmanian citizen lost $750,000, forcing him to sell his assets and rely on government assistance.