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.

Bitcoin Whale Reportedly Risks 800 BTC for $0.01 Payout in Dogecoin

A bitcoin whale has supposedly risked a total of 800 BTC, worth around $5.8 million, to help the cryptocurrency remain at the $7,200 mark in a bid to win a bet he made on social media.

A Twitter exchange between Dogecoin supporter Samu and bitcoin whale Joe007 shows that both agreed to bet on bitcoin’s future price, with Samu agreeing to pay 5 million DOGE (around $11,000) to the whale if BTC traded above $7,100, and the whale agreeing to pay Samu the same amount if it was below $7,100 at 13:00 UTC on December 12.

The BTC whale ended up winning the bet as the price of the flagship cryptocurrency didn’t drop below the agreed-upon mark. Some of those watching the thread, however, noted that something seemed to be going on before the bet’s deadline expired.

The bet was made according to the price of the Bitfinex cryptocurrency exchange, and a trader soon alleged on social media the BTC whale could’ve placed an 800 bitcoin order to “defend” the $7,200 so the cryptocurrency’s price wouldn’t dip.

While it isn’t possible to tell whether Joe007 was the one behind the 800 BTC order, the whale seemed to warn Samu before the bet was made that he was extremely confident he was going to win, tweeting out “you really don’t want to make this bet, believe me…”

After the deadline the posts suggesting market manipulation came out so Samu said he “got revenge” on the bitcoin whale cheating, by offering to pay him only 6 DOGE, currently worth about $0.013.

The Dogecoin addresses Joe007 showed as the destination for the funds currently has little over 10,000 DOGE in it, worth close to $22. Some argued Samu should have paid the funds as no terms were defined in the bet, while others agreed with him.

Featured image via Unsplash.