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ID:

bitcoin-atm-489

Date:

Status:

Incident Count:

August 15, 2020

Verified

1

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REKT

Contributor:

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zerofriction.io

KYC By:

KYC:

None

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Audit By:

Audits:

None

Loss Amount:

30,000

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Recovered:

-

Rewards:

Currency:

USD

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Key Indicators

Platform:

Type:

Category:

Method:

Data Sources:

ATM

Hardware

Extended Method:

Hardware manipulation, bypass authorization

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Days in Operation:

0

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The Hong Kong police arrested three men on suspicion of defrauding nearly 230,000 Hong Kong USD (US$30,000) from Bitcoin ATMs. This is the first such case in Hong Kong. The exchanges that filed the reports suspected the culprits had taken advantage of the “loopholes” in the bitcoin ATMs that enabled them to withdraw cash without requiring authorization, the publication conveyed. They withdrew 230,000 Hong Kong USD (approximately $30,000) in 11 transactions from the machines. The largest amount withdrawn from a single machine was 54,000 Hong Kong USD.

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