A new report by blockchain analytics firm TRM Labs shows that the cash-to-crypto industry, dominated by cryptocurrency ATMs, has handled at least $160 million in illegal transactions since 2019. In 2023, up to $30 million in illegal transfers through cash-to-crypto services to known fraudulent addresses accounted for 79%. The report notes that law enforcement authorities around the world are increasingly concerned about the growth of crypto ATM use. Recently, German financial regulator BaFin seized 13 crypto ATMs and seized about $280,000 in cash. Similar actions have also been taken in the United Kingdom, the United States and other countries.