According to BlockBeats, the number of Bitcoin ATMs in the United States is rapidly increasing, raising concerns among experts about the growing threat of cybercrime. Bitcoin ATMs function similarly to traditional cash ATMs, requiring a PIN code and a withdrawal fee. However, the high value of cryptocurrencies makes these machines prime targets for hackers. Unlike cash ATMs, which might go unnoticed in a gas station, Bitcoin ATMs attract more attention from criminals.
Timothy Bates, a cybersecurity professor at the University of Michigan's School of Innovation and Technology, stated that these machines are particularly vulnerable to both physical and cyber threats, making them a primary target for hackers and thieves. Data from Frei indicates that nearly 74% of ATMs worldwide are managed by ten operators. The largest Bitcoin ATM operator, Bitcoin Depot, runs over 8,000 machines. Its CEO, Brandon Mintz, mentioned that their machines are designed to prevent hacking but questioned the notion that Bitcoin ATMs are a major target for cybercriminals.
Mintz explained that because the hardware and Bitcoin wallet environment are separate, Bitcoin ATMs are generally not a high-priority target for cybercriminals. He also noted that Bitcoin Depot does not store any Bitcoin locally on the ATMs and has multiple layers of verification and approval processes to prevent unauthorized access to their wallets. Additionally, Mintz pointed out that most Bitcoin ATMs, including those operated by Bitcoin Depot, only accept cash, eliminating the possibility of criminals using card skimmers as they might with traditional cash ATMs. However, he advised users to remain vigilant against scams, noting that basic protocols protecting consumers from traditional financial fraud also apply to the world of cryptocurrencies.
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