Bitcoin ATM Theft is getting into trend these days. After a series of Bitcoin ATM thefts in Surrey and Langley, one suspect has been charged and arrested, while the investigators are seeking the help of the public to catch the second suspect.
According to Surrey RCMP, a 24 year old Bryce Telford who has no fixed address is encountering 10 charges, which include robbery and theft which are related to 4 different incidents among which Bitcoin machine robbery is one.
Among all the allegations that have been levied on him is the predicted Bitcoin ATM theft from a business in the 20600 block of Willoughby Town Centre Drive in Langley on June 11.
Investigators are searching for the second male suspect associated with this theft. The appearance of the suspect is demonstrated to be a white male in his 20s, height 183 centimeters and approximately 73 kg of weight.
What Is A Bitcoin ATM?
A Bitcoin ATM is a kiosk that enables a person to buy Bitcoin and other digital currencies by using a debit card or cash. There are some Bitcoin ATMs that provide bi-directional functionality allowing both sale and purchase of Bitcoin through cash. At times the Bitcoin ATM providers need users to have a prevailing account to transact on the machine. Bitcoin ATM machines are primarily of two types: unidirectional (one way) and bidirectional (two way).
The operators of Bitcoin need to adjust the withdrawal and deposit limits as per the KYC/AML standards under the jurisdiction of where the machines are placed. In some countries and states, another money transmitter license is also required. If you wonder how to buy Bitcoin with cash? Then this is your answer.
Other Bitcoin ATM Theft
Another Bitcoin ATM was stolen from a gas station in Lexington. The ATM was placed inside the Marathon gas station at 1840 Bryan Station Road. Officers reached the store when a security alarm went off at 5.00 am. According to an officer,
“It appears the suspects broke into the front of the building.”
This Bitcoin ATM was of smaller size than other ATMs, and it was not bolted to the floor, which made it easy for the suspects to lead them in their van and flee.
The suspects left from the gas station in a grey truck but the police failed to trace the suspects further. The police were dependent on the surveillance footage to investigate the theft.
Frequently Asked Questions On Bitcoin ATM Theft
1. Is it safe to use a Bitcoin ATM?
A person who does not have access to your digital wallet key cannot use your digital or complete some kind of illegal transaction. It rests assured that using a bitcoin ATM is completely safe and there is no risk of your digital wallet getting broken or hacked into.
2. Are Bitcoin ATMs profitable?
If you have an entrepreneurial mind and are interested to set up a Bitcoin ATM of your own, then you should know that establishing a Bitcoin ATM can be highly profitable, if you can manage it properly.
3. Do all Bitcoin ATMs require an ID?
No. Bitcoin ATMs don’t need any identification but they are limited to a certain amount of Bitcoins that you can buy.
4. Where is the nearest Bitcoin ATM?
To find Bitcoin ATMs near me, the easiest way is to use a tracking website. Coinatmradar is the most safest and effective option you can choose from.