Russian Police Uncover Fake Crypto ATM Scheme

In Moscow, police have detained a suspect involved in the theft of citizens’ savings through the use of crypto ATMs, according to a statement from the Russian Ministry of Internal Affairs.

Preliminary information suggests that a group of criminals installed over 20 crypto ATMs in several Russian regions and managed them remotely. Allegedly, victims were contacted by phone and persuaded to deposit money through the terminals.

The purchased cryptocurrencies were transferred to the wallets of the scheme’s organizers, while the cash from the ATMs was later collected by the group’s leader and also exchanged for digital assets, investigators believe.

Police claim that the scheme had curators from Ukraine and that most of the funds were sent to them.

Preliminary estimates indicate that over 150 people fell victim to the fraudsters. One victim transferred more than 2.5 million rubles to so-called safe accounts.

A criminal case has been initiated on charges of fraud. One suspect has been taken into custody, while others have been placed under an obligation to appear.

The investigation is ongoing.

Earlier in November, Russia handed down its first sentence against fraudulent cryptocurrency brokers.