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.

Institutional Derivatives Volumes Went Cold After Crypto Market Crash: CryptoCompare

  • Institutional derivatives trading plummeted following March's crypto market crash according to latest CryptoComapre report. 
  • Mar. 13 generated the highest daily volumes in cryptocurrency history, generating $75.9bn in trades. 

Volume trading on institutional derivatives plummeted following the crypto market crash in March. 

According to the  CryptoCompare March 2020 Exchange Review, institutional derivatives volumes tanked following the market crash on Mar. 12, which saw the price of bitcoin drop as low as $3,800. Trading volume across institutional exchanges, including CME, declined more than 43% in March compared to the month before. 

According to the report, 

Institutional appetite for derivatives products appeared to decline rapidly following the BTC crash, with CME losing 44% of volume compared to February. Trading volumes totalled $7.36bn in March compared to $13.1bn in February.

cryptocompare march 2020 guideVolume trading across crypto exchanges in March 2020 | Source: CryptoCompare

The report found that CME options trading, which launched in January of this year, have not seen significant improvements in volume and are far from generating the activity seen on rival crypto exchange Deribit. 

Despite the market crash, Mar 13. brought about the highest daily volumes in cryptocurrency history, generating $75.9bn in trades. Lower Tier exchanges accounted for the majority of the volume at $54.3bn, while Top Tier volumes also set a record at $21.6bn in daily trades. 

According to the report, spot volumes surged in Q1 2020, with Top Tier exchanges increasing month-on-month since December 2019. Even with the economic uncertainty of the coronavirus, spot volumes for Top Tier exchanges increased 35% on average vs February.

While crypto experienced its single largest day of volume trading, March’s overall volume failed to reach the same levels of Dec. 2017’s crypto bull run.

The report reads, 

Despite the March price crash, volume levels for these exchanges still haven’t reached those seen in the Dec-2017 bull run. Overall, volumes across all Top Tier exchanges increased 8.0% to $288Bn in March.

Binance was the largest Top Tier exchange by volume in March, trading $63.6bn, an increase of 19.2% over the month before. OKEx generated the second-largest volume of $47.7 bn, down 8.2% from February. Coinbase experienced the largest percent increase in volume trading during March, generating $13.3bn, up 41.9%.

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