Elliptic Report Shows How Bitcoin ATM Scams Move From Cash To On-Chain Wallets

Elliptic has published a new report explaining how Bitcoin ATM scams work, and the most useful part is not the usual warning that scammers exist. It is the transaction path.
The report describes how fraudsters manipulate victims, often elderly people, into depositing cash at physical crypto kiosks. Once the cash is converted into crypto, the funds move into wallets controlled by scammers. From there, the money can be routed through additional addresses, services, or laundering pathways.
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