Crypto ATMs in areas including Werribee and Hoppers Crossing have been targeted by thieves.
Police have arrested four people over the last week, after six of the ATMs were stolen, along with around $50,000 worth of collector cards.
Detectives raided properties across Melbourne, also seizing five guns, allegedly stolen car keys, ammunition, a pill press machine and power tools.
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Two men were charged with various offences, while the second two were released pending further investigation.
Police say they are confidence they have the main offenders, while their focus will continue to be bring the suppliers to justice.
