Bitcoin ATMs Likely To Be Next Crypto Regulatory Hotspot

Law360 (June 2, 2020, 10:15 PM EDT) -- The total amount of stolen cryptocurrency in 2020 is gearing up to be the second-highest on record, according to a report by crypto anti-money-laundering intelligence firm CipherTrace that predicted Bitcoin ATMs will likely be the next target for regulators.

From January through May, criminals stole $1.36 billion of cryptocurrency, largely through a massive $1 billion Ponzi scheme perpetrated by Chinese-based Wotoken, according to the report published Tuesday. A total $4.5 billion of cryptocurrency was stolen in 2019.

CipherTrace measured a marked decrease in the volume of direct criminal funds hitting cryptocurrency exchanges, with a 47% fall in such activity, highlighting additional...

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