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Detail Analysis

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Date:

Status:

Incident Count:

August 15, 2020

Verified

1

Contributor:

zerofriction.io

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KYC By:

KYC:

None

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Audit By:

Audits:

None

Loss Amount:

30,000

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Recovered Amount:

-

Currency:

Dollars

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Key Indicators

Platform:

Type:

Category:

Method:

Data Sources:

ATM

Hardware

Extended Method:

Hardware manipulation, bypass authorization

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The Hong Kong police arrested three men on suspicion of defrauding nearly 230,000 Hong Kong dollars (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 dollars (approximately $30,000) in 11 transactions from the machines. The largest amount withdrawn from a single machine was 54,000 Hong Kong dollars.

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Under no circumstances, shall Zero Friction LLC be liable for any loss of profit or funds, any regulatory or governmental penalties, any legal costs, or any other commercial and non-commercial damages, including but not limited to special, incidental, consequential, or other damages from any or all usage of the dataset or information derived from our database.