The authorities recently ordered three men after a Alleged fraud converted USD 226,000 into Hong Kong dollars at some Bitcoin ATMs (BTC) of the territory.
The trio of arrested men between the ages of 26 and 55 are said to be used six bitcoin ATMsAccording to an August 15 article in the South China Morning Post, they are being tampered with to release the Hong Kong dollar equivalent of around $ 30,000. The alleged thieves took the money in 11 transactions.
The authorities They believe the three men in question are part of a larger criminal operation, according to the South China Morning Post article.
Two crypto exchanges alerted the authorities of the nefarious activities ahead of the arrests. Wilson Tam, superintendent of the Hong Kong Bureau of Cybersecurity and Technology Crime, did not disclose the exact methods of theft used, although the office did. gave the two ATM companies affected advice on how to increase security.
“This is the first time we have encountered Bitcoin ATM-related fraud,” said Tam, as reported by the South China Morning Post.
The number of Bitcoin ATMs worldwide reached 8,000 in June 2020While Bitcoin has gained more prominence as a viable asset so far this year, the asset is a logical target for attacks.
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