Australian police have unearthed a significant trove of stolen items, dubbed an “Aladdin’s cave,” following a crackdown on a local crime syndicate accused of targeting cryptocurrency ATMs and collector card stores throughout Melbourne.
According to a statement from Victoria Police on February 17, a vast network of criminals engaged in a series of commercial burglaries has been operating since mid-January. This group is responsible for the theft of six cryptocurrency ATMs and numerous collector cards worth tens of thousands of dollars.
Seized Items and Arrests
During the investigation, police recovered not only the stolen goods but also firearms, 100 car keys, a pill press machine, and various power tools. Among the collector items were valuable cards from Pokemon, Yu-Gi-Oh, and Magic: The Gathering. Four men have been arrested in connection with these crimes, with charges ranging from multiple counts of burglary to possession of prohibited weapons.
Detective Inspector Patrick Watkinson of the North West Metro Regional Crime Squad indicated that the main perpetrators are believed to be part of a larger criminal syndicate, potentially linked to Middle Eastern Organised Crime.
The incident occurs against the backdrop of a rapidly growing market for crypto ATMs in Australia. From a modest number in early 2022, the country now hosts 1,462 Bitcoin ATMs, making it the third-largest hub for such devices globally. Major providers include Coinflip, Localcoin, and Cryptolink.
Author’s Opinion
The recent bust of a crime syndicate involved in the theft of cryptocurrency ATMs and collector cards in Australia highlights the urgent need for heightened security measures in the burgeoning crypto market. As the adoption of crypto ATMs continues to surge, it becomes imperative for operators and regulators to implement robust security protocols to protect these machines from theft and to ensure the safety of the assets they dispense. Additionally, collaboration between international law enforcement agencies and private sectors is crucial in combating organized crime targeting the crypto sector. This proactive approach is not only necessary for safeguarding investments but also crucial for maintaining public trust in the security of digital asset transactions.
