Free Money for All: Bitcoin ATM in London Malfunctions

Free Money for All: Bitcoin ATM in London Malfunctions
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It used to be that you needed to buy Bitcoin (BTC), or receive a payment in this cryptocurrency in order to be able to get money from a Bitcoin ATM. However, if you happened to find yourself in a London shopping center a few days ago — you would have had an opportunity to see quite a strange scene.

Londoners who did happen to be in the right place at the right time saw a Bitcoin ATM spitting bills, seemingly without any reason. The event drew quite a lot of attention, and many managed to record it and post it online. The videos also show a security guard who protected the scene, although nobody really tried to take the bills which would not stop coming out.

Was it a hack?

The ATM continued spitting out bills for several minutes, and many started speculating whether it is just a malfunction or a hack. After all, hackers are known for operating ATMs remotely, with a technique known as ‘jackpotting.’ Those that did manage to hack into ATMs in the past demonstrated the ability to make them spit out cash on command, which is, of course, illegal.

The ATM itself was managed by a polish company known as Shitcoins Club. The firm owns and operates over 60 cryptocurrency ATMs, located throughout Europe. However, the company denies that the ATM was hacked, or that it malfunctioned. They seem to believe that it was all a trick, which is supposed to make it seem like the ATM is not working properly.

The company even points out that everything seems to be working properly, and that the footage of the incident clearly shows a bag in front of the ATM. In other words, someone came and withdrew a massive amount of money out of their wallet, and then proceeded to look surprised when huge amounts of cash started coming out. This was even mentioned by the company’s spokesperson on Reddit.

The spokesperson stated that the company’s ATMs are the only ones in the UK that allow such huge cash withdrawals. The firm’s website shows not only the locations but also how much GBP each ATM holds. They then gave an example of the ATM at Bond Street Station (West One Shopping Centre), which at the moment had 30,000 GBP, and was ready to provide them in exchange for Dash, Bitcoin, or Litecoin. Most other ATMs operated by the firm only provide 20,000 GBP per withdrawal.

Weird crypto events continue to line up

While the spokesperson and the company did make quite a few valid points — the proof that everything is working as it should has yet to be presented. Until then, everyone is free to draw their own conclusions. In other words, this might be a hack, a malfunction, or some rich Bitcoin owner trolling the locals. If it is a troll, then this was quite a risky move, as no one could have predicted how the crowd would react.

Luckily, everyone managed to remain calm, and most people were just curious as to what is happening.

Whether it is an incident or a joke, the event is only the latest in line of strange happenings in regards to the crypto space. Bitcoin trading is currently once again exploding around the world, as the crypto recovery brought digital currencies to some of their old prices.

Many are looking to buy Bitcoin when the prices see corrections, only to sell it once more when the prices grow. Right now, the crypto space is going through another correction, which has brought the BTC price to $7,738. But, it would not be unusual if the situation soon turns, and the prices skyrocket once again.

About Ali Raza

A journalist, with experience in web journalism and marketing. Ali holds a master degree in finance and enjoys writing about cryptocurrencies and fintech. Ali’s work has been published on a number of cryptocurrency publications.