Hong Kong Police have arrested 3 men believed to have orchestrated a robbery of 6 Bitcoin ATMs in Hong Kong. It is believed that a nearly HK$230,000 has been stolen by this group.
This comes 2 days after reports were filed by 2 cryptocurrency exchanges in Hong Kong. The exchanges suspected that the culprits took advantage of “loopholes” in the ATM software to allow a direct withdraw of cash without authorisation.
“I cannot reveal what the loopholes are. But any bitcoin transaction needs verification. Maybe the ring bypassed the verifying process before taking the money,” superintendent Wilson Tam Wai-shun of the cyber security and technology crime bureau said on Saturday.Superintendent Wilson Tam Wai-shun
Bitcoin ATMs allow the purchase or sale of cryptocurrencies via “ATM” style interface. These machines are commonly found in malls around Hong Kong, with companies such as https://coinhere.io/ operating over 60 ATMs all over Hong Kong. Usually, these machines un-manned and found in restaurants, laundromats, and shopping malls.