A recent report from blockchain analytics firm TRM Labs reveals that since 2019, at least $160 million in illicit transactions have been processed through cash-to-cryptocurrency conversions via cryptocurrency ATMs. The report highlights that in 2023 alone, illegal transfers amounting to $30 million, or an astonishing 79%, were directed to known scam addresses through such services. Law enforcement agencies worldwide are concerned about the growing usage of cryptocurrency ATMs and have taken measures to strengthen regulations. For example, Germany's financial regulator BaFin seized 13 cryptocurrency ATMs and confiscated approximately $280,000 in cash. Similar actions have been taken in countries like the UK and the US, aimed at curbing illicit activities and protecting consumer rights.