London Bitcoin ATM Caught on Video Dumping Fiat Currency

Francisco Memoria

A Bitcoin ATM was recently caught on camera spitting out thousands of pounds worth of cash inside a shopping center near London’s Bond Street train station. In the footage, it’s possible to see a security guard trying to keep onlookers away, while a duffel bag on the floor collects some of the cash.

The video was recently shared on Reddit, and shows that the duffel bag wasn’t able to catch all of the cash being spit out. Some on social media have speculated the Bitcoin ATM was hacked through a method called “jackpotting,” which essentially means an ATM was hacked to spit money on command.

Speaking to The Next Web, the Polish company handling the machine, Shitcoins Club, claimed “everything was going well during this transaction.” Data from CoinATMRadar shows the firm operates 60 Bitcoin ATMs throughout Europe, most of which are located in Poland.

Per the firm, its ATMs are the “only ones in the UK” that can handle large cash withdrawals. The ATM seen in the video reportedly had £30,000 ($38,200) inside it before it started to spit out cash.

Was the Bitcoin ATM Compromised?

Notably, this isn’t the only time the Bitcoin ATM near the Bond Street station was found doing something off. On Reddit, users also shared an image of it seemingly being remotely accessed about a month ago.

On that image it’s possible to see a private key for a Dash wallet that has since been emptied, presumably because its private key was exposed. Shitcoins Club revealed its ATM acted that was after a coin was stuff into the machine’s banknote acceptor to jam it.

Per The Next Web, staff was forced to remotely access it as the building it’s located in only allows physical access on weekdays. The Dash private keys being shown, the Bitcoin ATM operator adds, were part of its procedure.