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My previous reply got deleted. Strange, I was only informing the community but maybe because I posted a link instead of the article itself. The official reply is pasted below...
ZDnet and TrendMicro recently published an article on malware for sale on the dark web claiming to be able to rob Bitcoin ATMs from the cash in the machine.
We researched the malware claim and found the offering to be a scam but because none of the blogs bothered to contact us they are effectively helping the scammer with free advertising, luring would-be thieves into purchasing a non-existant hack. The scam here is that the seller of this 'malware' gets free advertising from otherwise reputable blogs (that apparently do not verify what they publish) and the would-be thieves would never report being ripped off because of the nature of the 'product' sold.
The so-called 'malware' is offered for sale on the dark website named 'Wall St Market'. There are several red flags here:
The 'malware' seller reputation on the dark-market shows they have never sold any malware before and the account was only created in November 2017. The malware vendor has only sold leaked customer data with leaked banks/credit scoring documents or bank accounts established based on those leaked customer details in the past. As such, this is clearly not a developer that has ANY experience in selling hacks or custom code, just identity theft from oldskool financial institutions.
Bitcoin ATMs manufactured by GENERAL BYTES have no functionality that would enable dispensing cash prior successfully receiving cryptocurrency via cryptocurrency network or sending cryptocurrency before successfully accepting cash inside of the machine.
The seller claims "Purchasers of the malware also receive a ready-to-use card that comes with EMV and NFC capabilities". Anyone who has ever used a Bitcoin ATM knows that EMV cards have absolutely nothing to do with Bitcoin ATMs and the NFC functionality is only used to read the destination cryptocurrency address.
The mentioned engineering menu known from regular ATMs doesn't exist on GENERAL BYTES Bitcoin ATMs and any factory test software doesn't contain any functionality which would enable the ATMs to send coins, accept cash or dispense cash. (For obvious security reasons.)
Compared to regular ATMs, security measures on cryptocurrency ATMs are lightyears ahead. Partly achieved by the distributed nature of Bitcoin ATMs. There is no central point to attack the machines or network running them.
There is no such thing as a 'free money admin panel', security audits are performed on a regular basis by the manufacturer and internal source code is subject to peer review and auditing by the white-hat hacker community.
Unlike regular ATMs, there is a close relation between Bitcoin ATM operators and the Cryptocurrency ATM manufacturer and software is updated multiple times per month.
We recommend Trend Micro, ZDnet and other media outlets who write about Bitcoin ATMs to contact us before publishing articles like this. This will help them to get their facts straight and will prevent them from turning into an advertising channel for a scammer. We can give any reporter a complete overview on how Bitcoin ATMs work, what is possible and what is downright nonsense.
We hope to have cleared up this confusion. The article no matter how badly written is being copy-pasted to several news outlets. There is no reason to worry but we felt we had to respond to this.
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Bitcoin ATMs accept cash and sell you crypto in return. Operators make their profit by putting a markup on each sale. In addition there is usually a transaction fee, fixed per transaction to cover the mining fee associated with transferring coins. There are also Bitcoin ATMs that allow you to sell your crypto. These machines are generally popular in locations with many tourists but you will find them all over the world nowadays. For more information visit www.generalbytes.com (disclaimer, I work at GENERAL BYTES, before that, I was an independent operator) |
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This is great news! Belgium is quite advanced (tech wise) and it was a bit of a disappointment to see such a slow adoption of Bitcoin ATMs. With BGST moving into the market as one of the largest operators in The Netherlands, Belgium now has its first two-way ATM. 8 machines might seem like a small number to some but is big news for a small country (that is strategically very well located!) like Belgium.
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Dumb Newby question: How long should it take Bitcoins to reach my Edge wallet from Bitcoin ATM? Transaction about 45 minutes ago, and still nothing. Have receipt, but not worth much with this stuff.
Hi Chuck, try to locate the ATM on coinatmradar.com and call the number listed for support. Transactions should normally be fast and appear in your wallet seconds after purchase. |
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Hi there Fawez! It sounds so interesting. I haven't seen so many ATM you are talking about. Who is the company behind those atm? Is it fully operational or it is just a plan? However, do you have the maps or the link where those ATMs are? And do all of those residing in each country? On the other hand, I have rarely seen bitcoin atm. And I didn't even have tried to use one. But I hope in the near future, people will be accustomed to those machines just like how they use the ordinary fiat atm machines. Additionally, transaction fee and speed should be addressed first before those machines could function almost instantly.
There are several companies producing these ATMs, for an overview check: https://coinatmradar.com/charts/#by-manufacturer or visit www.generalbytes.com for more info. A global map is available on https://coinatmradar.com and every large city in the world currently has a few machines at least with the exception of some countries. Transaction speeds vary but usually your purchase is visible (not yet confirmed!) on your wallet in seconds after completing your transaction. For Crypto --> Cash transactions, GENERAL BYTES is the only manufacturer that offers instant withdrawals but it is up to the ATM owner / operator to activate this. Hope this answers your questions. |
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If you have issues getting it to work, contact support@generalbytes.com or call their support line that is open weekdays from 09:00-23:30 CET. Would love to see this one get online. The ATM can be run as a side job, no need to quit your fulltime job if only running one machine. |
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Tho it might be a good idea if they will integrate some other cryptocurrency instead of bitcoin only (Crypto ATM instead of BItcoin ATM only)  . The ATMs run Bitcoin / Litecoin / Monero and Dash.  https://services.generalbytes.com/ for a map. |
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Dat was leuk! Ik mocht bij Herbert, Boris en Madelon aanschuiven voor de 10e aflevering van de BNR Cryptocast podcast, een Nederlandstalige podcast op het gebied van Bitcoin en shitcoins. Wij hadden net 1500 automaten verkocht dus reden voor een feestje. je kan het hier nog eens terugluisteren mocht je het gemist hebben. https://www.bnr.nl/player/audio/10080753/10342921 |
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GENERAL BYTES ATMs will auto-complete the transaction for you when purchasing crypto. Should the power outage be only temporarily, you will be able to resume the transaction once power is back on by scanning the same address on the ATM. Your balance will still be there and you can decide to continue the transaction or finish the transaction using the FINISHED button. In case the power outage takes longer than X amount of time, the transaction will auto-complete and send you the coins you purchased so-far. It's those small features that make it easier for an operator to maintain a network of GENERAL BYTES ATMs as this lowers the amount of customer support calls. |
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The GENERAL BYTES ATM API can be found here: https://github.com/GENERALBYTESCOM/batm_public Should you need any help, the guys at support@generalbytes.com will be happy to help you out. Once finished, you can use the testing tool to test if all will work once compiled (you do not need an ATM to test!) and if so, just do a pull request to get your new exchange included in the firmware and backported to the 1400+ ATMs sold to date. |
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Same here. About 1.9 BTC lost in the BIPS hack. As far as I know a police report has never been filed? No investigation was done? Never an apology. Just an empty account... Poof... Everything was gone. balance 0.
You owe us Kris Henriksen...
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some of you have valid concerns on fees but purchasing at an ATM. Nowadays www.coinatmradar.com lists live rates for over 1000 ATMs worldwide. In the past operators primarily ran a Bitcoin ATM as a service to the community but nowadays it is more a business like installing vending machines or fiat ATMs and many operators have a large number of machines. If an ATM does not display its rates on coinATMradar, think twice before plunking down that cash. Some ATM industry stats on fees can be found here: https://coinatmradar.com/charts/#fees and https://coinatmradar.com/charts/#by-manufacturer |
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aaaaand another most likely scam ico without a real usecase for an ico. Hello ico #10055225585 of this year
They used GENERAL BYTES products, claim it to be their own design and make promises of features that GB will never develop. They further want you to invest in their Hong Kong Ltd that is basically an empty shell as all business is done via their Austrian based setup. All ATMs we've sold to cointed have been sold to their Austrian Gmbh and not the HK Ltd. The Hong Kong Ltd has zero ATMs. https://generalbytes.com/cointed for more info. |
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Any one know which types of Bitcoin ATM's on the Nederlands and what is the daily limit? (need ID or not?)
Locations keep growing in numbers. Best is to check www.coinATMradar.com as they have the most up to date listings and list live rates. (if not listed, better ignore as price probably too high in that case and operator knows it) |
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WARNING: Before investing read this: https://www.generalbytes.com/cointed/ An open letter from one of Cointed's largest suppliers... Numbers not adding up, not having their own ATM or Point of Sale and instead just rip the label of GENERAL BYTES products and present it as their own... INVESTORS WILL BE DUPED into buying into an empty shell, a company in Hong Kong.... All business GENERAL BYTES has ever done is via the Austrian GMBH. The Hong Kong LTD has zero ATMs.... Investors are hold a bait and switch, making them think they invest in the ATMs but instead they sent their money to an empty shell... DO NOT INVEST IN THE COINTED ICO... YOU ARE BEING SCAMMED! |
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You can hardly develop such business because of regulations. It's either illegal or a paperwork nightmare.
In France for example, all existing ATMs closed long ago. There is none nowadays and it's not gonna change any time soon.
That statement is not completely true, let me explain. You are spot-on that some older brands Bitcoin ATMs are notoriously bad at AML / KYC (not naming any brands here!) and yes, as such, identity had to be checked manually before allowing one to purchase bitcoin or even switch the ATM on. Of course, this is simply not doable and yes, those machines have been switched off as you would need a human to patrol the machine at all times... Hardly a profitable enterprise that way and yes, an administrative nightmare. However..... You will find that other brands and models, like the BATM Bitcoin ATM range have extensive AML / KYC options built in and can even deny anonymous purchases altogether, forcing people to ID themselves at the ATM using phone, fingerprint, ID, email or any combination that satisfies local authorities. (Yes, even the French and US authorities!) Once a user has registered on an ATM, they will be able to use all the ATMs in that operator network in the future. Many old ATMs just focussed on 'making it work' and ignored any legislation or AML / KYC issues. Nowadays, this really is no longer the case and having the BATM do the KYC / AML instead allows ATM operators to scale in places previously deemed off-limits. In my opinion this a far better approach to vending crypto and the settings are flexible so ATM operators can comply with any legislation in practically any jurisdiction. so no matter how horrible oppressive the regime, you will be able to configure your BATM to comply with any ridiculous legislation they might come up with... (like checking no-fly lists, block burner phones or prevent sales to banned crypto addresses, all supported out of the box on the BATM platform) For a detailed configuration video have a look here: https://youtu.be/L3M1tvWESTY?t=1h16m15s Hope this clears up the confusion a bit! |
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Any one know which types of Bitcoin ATM's on the Nederlands and what is the daily limit? (need ID or not?)
https://coinatmradar.com/country/150/bitcoin-atm-netherlands/ 11 ATMs in NL at the moment. ATM listings show limits, coins sold / bought, fees and current uptime. If fee / rate is not clearly communicated on the site, do not bother with the ATM, it will charge you too much of a fee. (otherwise they would advertise the live rates!) hope this helps. |
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