Texas Police Use Cutting Tool on Bitcoin ATM to Seize $32,000 in Cash
On June 28, a shocking incident in the cryptocurrency sector was reported when Texas police used a cutting tool to seize $32,000 in cash from a Bitcoin ATM belonging to Bitcoin Depot. This event sparked much controversy surrounding law enforcement methods and the control of digital assets.
Bitcoin Depot Strongly Reacts to Police Coercion
Chris Ryan – Legal Director of Bitcoin Depot, which operates the Bitcoin ATM network, criticized the police's use of force to access the ATM as an overreach of authority and potentially illegal. At the same time, Scott Buchanan – the company's Operations Director, stated that the ATM being cut open with specialized tools rendered the device irreparable, forcing them to completely replace a high-value piece of equipment.
FBI Reports Losses Up to $247 Million Through Cryptocurrency ATMs in 2024
According to a report from the Federal Bureau of Investigation (FBI), in 2024, Americans suffered a minimum loss of $247 million through transactions at cryptocurrency ATMs – an increase of 31% compared to 2023. The rising loss rate indicates an increasing risk when transacting cryptocurrency through unsecure automated devices.
High Risks with Cryptocurrency ATMs
Cryptocurrency ATMs are designed to facilitate users exchanging cash and cryptocurrency. However, the recent event and FBI reports indicate that these are also major targets for criminal behavior and legal disputes. The lack of strict controls may enable fraud and asset seizure, undermining users' trust in the cryptocurrency ecosystem.
Conclusion
The incident in Texas is not only a warning about law enforcement practices with cryptocurrency devices but also a clear demonstration of the existing risks in automated cryptocurrency transactions. It demands stakeholders to review and improve security and legal systems to ensure safety and transparency for users.
Investors and users need to be more vigilant, implementing standard security measures to protect digital assets and avoid unnecessary losses from similar incidents in the future.
Source: https://tintucbitcoin.com/bitcoin-depot-to-cong-an-my-bao-luc/
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