A group of bitcoin bandits hit paydirt by taking advantage of buggy cryptocurrency ATMs in seven Canadian cities, according to police, netting a $195,000 CAN score—about £111,000.And Toronto police are asking for help identifying the suspects.The fraudulent transactions took place over a 10-day period from 16 to 26 September last year, and targeted a whopping 112 bitcoin ATMs.Toronto police published a news release and photos on Wednesday as the suspects are still at large.It’s thought the attacks took advantage of the so-called ‘double spending’ problem with digital goods that cryptocurrency is fundamentally designed to address.(For simplicity’s sake, think of it as abusing credit card chargebacks.)
Yesterday, Toronto police issued a statement requesting public help to locate four men suspected of carrying out a string of Bitcoin BTC scams across Canada.Late last year, the Calgary police service received information relating to numerous fraudulent transactions made at Bitcoin ATMs that specifically target one Canadian Bitcoin company.It’s unclear why the criminals targeted the company in question.“It is alleged that between Sunday, September 16, 2018, and Wednesday, September 26, 2018, 112 fraudulent transactions had been made at Bitcoin kiosks in seven cities across Canada,” the statement reads.About $150,000 (CA$195,000) was stolen during the 10-day period.The announcement states the scammers had been “double-spending” cryptocurrency to effectively withdraw money from the specialist ATMs for free.
Cryptocurrency, which has long suffered from a branding problem, can certainly benefit from the seeming legitimacy celebrities bring, but it goes without saying that a dodgy partnership can directly impact the market and in turn, peoples’ virtual wallets.Enticed by generous paychecks, celebrities may enter into an endorsement deal for reasons other than money.Legendary boxer and convicted felon, Mike Tyson is arguably not the best candidate to rid Bitcoin of its association with the crime underworld, but that didn’t stop him from promoting the cryptocurrency in 2015.Speaking to CoinDesk prior to the launch of his first branded Bitcoin ATM in Las Vegas, Tyson said he was grateful to be part of the “Bitcoin revolution,” although at the time he admitted he’s “no guru” yet.Paris Hilton, heiress and ultimate it-girl, took to Twitter in September 2017, to discuss a newly emerging coin called Lydian.The Tweet said: “Looking forward to participating in the new @LydianCoinLtd Token!
To celebrate the 10-year anniversary of bitcoin, cryptocurrency trading platform Etoro has set up a crypto ATM on London's Finsbury Avenue Square.However the machine comes with a twist: you have to tunefully wish it a happy birthday to it if you want to get your hands on some free bitcoin.The ATM, which Etoro said is the first of its kind, will be handing out free vouchers to Londoners today worth between £20 and £250 in bitcoin for those brave enough to crack a note.A digital display will let the choir know whether they need to sing louder and how much of the song they need to complete in order to trigger a voucher.Once Halloween is over, the machine will go on a tour of the UK.Several professional football clubs have been lined up for its first string of bookings, where fans can belt out football chants to win some coins.
Being in a new country can be confusing and scary at times.Australian crooks are taking advantage of this and are using Bitcoin BTC ATMs to scam newly-arrived migrants out of their life savings.It seems the crooks managed to scam more than $35,000 USD ($50,000 AUD) out of four Australian immigrants by telling them they needed to pay a tax debt.The victims were told they would be arrested if the amount was not paid, The Age reports.Believing that their immigration status might be in jeopardy, the targets obliged.It appears the victims were told to withdraw money from their bank accounts and pay the cash into a specific Bitcoin wallet address using a Bitcoin ATM in Braybrook, Melbourne.
UBS: Bitcoin is "currently too unstable and limited to become a viable means of payment for global transactions or a mainstream asset class."The bank doesn't rule out bitcoin becoming a viable payment system in future though, saying it may follow a similar adoption path to PayPal.LONDON — Bitcoin is neither a new type of money or nor a new asset class, according to UBS.Joni Teves, a global macro strategist at the Swiss bank, said in a note to clients this week that the world's biggest digital currency is "currently too unstable and limited to become a viable means of payment for global transactions or a mainstream asset class.""Owing to its lack of price stability, bitcoin falls short of criteria that need to be satisfied to be considered money," Teves said.Bitcoin surged over 1,000% against the dollar in 2017 to reach a peak of around $20,000 in December.
A view of Romania's first bitcoin ATM is seen in downtown Bucharest June 27, 2014.Central banks around the world have been looking at how they might introduce or use national cryptocurrencies.Thomas Moser, an alternate member of the Swiss National Bank's governing board, told Business Insider that central banks have become "sceptical" of introducing national digital currencies after initial interest.Moser says bankers are wary of the new economic risks or knock-on effects introducing a national cryptocurrency might have.ZUG, SWITZERLAND — Countries are unlikely to introduce national cryptocurrencies any time soon, according to a senior Swiss central banker.Thomas Moser, an alternate member of the Swiss National Bank's governing board, told Business Insider that central banks around the world have become "sceptical" of introducing national digital currencies after initial interest.
The main international airport of the Netherlands will now let you convert those “leftover euros” at the end of your Eurotrip to cryptocurrency.Amsterdam Airport Schiphol announced today that it has installed a “Bitcoin ATM” to let passengers convert euro to Bitcoin and Ethereum.The ATM is installed for a six-month trial period — to gauge demand for the service among passengers.Schiphol says that it is the first European airport to offer such service to travellers.“Schiphol is constantly looking for ways to innovate and provide optimum service to passengers,” Tanja Dik, director of Consumer Products and Services at Schiphol said in the announcement.“With the Bitcoin ATM, we hope to provide a useful service to passengers by allowing them to easily exchange ‘local’ euros for the ‘global’ cryptocurrencies Bitcoin and Ethereum.
A sign is seen in a restaurant where a Bitcoin ATM is located in Toronto, Ontario, Canada June 3, 2017.Crypto lawyer: "We’re seeing some academic institutions getting involved on a limited basis for strategic reasons."Universities around the world are increasingly interested in cryptocurrencies and the blockchain technology that underpins them.LONDON – Some universities on the east coast of the US have begun making small investments into cryptocurrency hedge funds, according to a lawyer in the industry.John Lore, the founder of Capital Fund Law Group, told Business Insider: "We’re seeing some academic institutions getting involved on a limited basis for strategic reasons.New York-based Capital Fund Law Group specialises in providing legal services to the hedge fund industry and has advised around 30 cryptocurrency hedge funds on setting up over the last year, according to Lore.
Some Las Vegas restaurants accept payment in bitcoin, so I decided to try to buy bitcoin from a casino's bitcoin ATM.I lost all my money.LAS VEGAS - I've been in Las Vegas for a whole week, but I've only gambled twice: when I played $1 on The Simpsons slot machine in my hotel, and when I tried to buy $1 (and then, another $10) of bitcoin from a casino ATM.I was intrigued by my colleague's account of a bitcoin ATM in New York City, which he used to buy $5 of bitcoin back in September.I'm no cryptocurrency expert — once, many years ago, someone sent me a super-tiny sliver of bitcoin that vanished when the app he used to send it shut down, and I haven't touched it since.So to get started, I went in intending to invest a single, solitary dollar.
Economist argues that issues around regulation, volatility, transaction speed and cost, and a lack of intermediaries will hold bitcoin back in the long run.LONDON — "Bitcoin is destined to become a niche asset," according to Dutch banking giant ING.Economist Teunis Brosens argues in a note circulated on Monday that bitcoin has drifted too far from its original goal of being a decentralized payment system and its recent price rise is unsustainable.Users will include tech nerds, people obsessed about their privacy, people afraid for (hyper)inflation in traditional currencies, and people wanting to circumvent central banks for ideological or criminal reasons.""Transaction costs on the bitcoin network have risen rapidly in recent months.Blockchain.infoAs for volatility, Brosens wrote: "A world in which your money buys you a large latte today, but only a small
A man walks past a bitcoin ATM in Vilnius Thomson ReutersBitGo, a blockchain technology company, closed a $42.5 million fundraising round.The company, which provides technology for institutional investors to dive into the cryptocurrency market, said the fundraise took just 2 weeks.BitGo, a US-based blockchain technology company, raised $42.5 million in a Series B fundraising round, the company announced Monday.BitGo, which is headquartered in Palo Alto, California, said it will use the money to expand its business outside the US to help more companies dive into the nascent digital coin market.Hedge funds and other institutional investors leverage BitGo's technology to overcome some of risk and compliance issues associated with digital currencies.
As bitcoin prices fluctuate near record highs and adoption picks up, the world’s largest bitcoin ATM provider is bringing its largest installation to-date to Georgia.Coinsource has placed 18 of its bitcoin ATMs in Atlanta which, along with 2 in Athens, add 20 new units to Georgia’s current bitcoin ATM network.Coinsource leadership says the large installation is in response to demand in the region — Georgia is a Top 3 market in the U.S., along with Chicago and New York.“Atlanta is one of the most mature bitcoin ATM markets in the country so it’s exciting to provide our services to people already showing accelerated adoption of the technology,” Coinsource’s CEO Sheffield Clark said in a statement.“Our goal is to give everyone the equal ability to access bitcoin, particularly in times of record demand, and participate in this soaring new economy.”Additional ATM providers include Rockitcoin, Athena Bitcoin, Paydepot, and Bitcoin Depot; some of these machines process other cryptocurrencies, such as Ethereum and Litecoin, as well.
Bitcoin-the virtual currency value rise again to new record levels.Perhaps the news coverage the subject received the Dutch thieves got the bitcoin atm robbing.bitcoin's price rise of more than 7300 dollars of coverage numerous sources, for example, The Next Web.CoinGecko service statistics, the course was at its best 7402,95 dollars, after which it sent a slight decline.Just in the last 7 days exchange rate rise has happened 22,95%.Continuous coverage of the cryptocurrency value is not overlooked in the underworld.
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In a few scattered places, 40 or so in London, one in Manchester, another in Birmingham, Bitcoin ATM machines have appeared, issuing the cryptocurrency from an unlikely array of convenience stores, vaping outlets and barbershops.A mainstay of local life, it dispenses all the essentials that an artisan bakery cannot provide.Amid the sweets and quarter bottles of spirits is the Satoshi Point, one of several Bitcoin ATMs run by the company that takes its name from the mythical founder of the online currency, Satoshi Nakamoto.“We get all sorts, they travel from all over, from Bath, Bristol.”The small grey terminal was installed in the shop a year ago, one of two in the city, and has attracted a growing stream of users ever since, providing the shop’s owner with a steady commission.It tells me to scan my phone and records the QR code I had been assigned.