Bitcoin ATM Emerges as Major Threat to Cryptocurrency

There is an ominous growth in Bitcoin ATMs across the United States, and some experts have claimed they are also one of the biggest cybercrime threats to the country. As with other ATMs, Bitcoin ATMs share a few characteristics with their cash counterparts: there are PINs to punch, and there are withdrawal fees as well. 

However, unlike cash ATMs, crypto ATMs have a high value, making them prime targets for hackers who are looking for ways to steal data.

The problem is that whereas the location of a cash ATM at a gas station may not draw much attention, the location of a Bitcoin ATM gets more scrutiny from fraudulent individuals.

The UK’s National Crime Agency has reported in an article published by CNBC on September 8 that Bitcoin ATMs have proven to be one of the most popular ways for individuals to buy and sell cryptocurrencies, although they have additionally evolved into a prime target for hackers and scammers. 

There is no difference in the operation of these machines from traditional ATMs; however, thanks to the significant value of cryptocurrencies, they can be very attractive to cybercriminals, who will exploit both physical and digital vulnerabilities to their advantage.

According to Timothy Bates, an assistant professor of cybersecurity at the University of Michigan, these machines are especially vulnerable to hacking due to the lack of security measures that are often part of the software used in these devices. 

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