The Fin ‘He ruined me’: How one crypto investor lost $500k in a scam
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Oct 29, 2025 Journalist Lucy King, known for her investigative work on crypto scams, and Senior Financial Review reporter James Ayres delve into the alarming rise of crypto ATMs that enable scammers, like the case of 85-year-old Mary who lost $500,000. They explore how crypto ATMs operate, why they are prevalent in Australia, and the emotional manipulation behind Mary's scam journey. Additionally, they discuss regulatory gaps and rising scam statistics, shedding light on Australia's vulnerability to such fraud.
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Crypto ATMs Are Automated Exchange Kiosks
- Crypto ATMs function mainly as automated exchange kiosks that let users buy cryptocurrency with cash by scanning a recipient QR code.
- Australia now has approaching 2,000 machines handling about 150,000 transactions and roughly $275 million a year.
Elderly Victim's Two-Year Crypto Scam
- Mary, an 85-year-old widow, was emotionally manipulated over nearly two years and fed cash into crypto ATMs until she lost about $500,000.
- She kept 41 receipts that revealed $350,000+ moved through a local tobacconist ATM and over $50,000 in operator fees.
Deepfake Ad Lured Initial Investment
- Mary first encountered the scam via a deepfake video impersonating Andrew 'Twiggy' Forrest promoting an automated trading software.
- She invested a small initial sum, which later led to contact from a fake solicitor who claimed her stake had ballooned.