During the initial four months of 2023, the total number of cryptocurrency ATMs worldwide experienced a decline of 5,850 units. However, in May, there was a notable resurgence with the addition of 1,397 machines to the global crypto ATM network.
May brought a significant change in the prevailing trend of declining Bitcoin prices and crypto ATMs worldwide. Despite a year-long decrease, the month of May witnessed a substantial rise in net installations, adding nearly 1,400 new machines.
For the first four months of 2023, the total number of crypto ATMs steadily declined. During this period, prominent economies like the United States and Europe contributed to the downward trend. However, countries such as Australia, Poland, and Spain bucked the trend by increasing the installation of crypto ATMs in their respective regions.
A histogram chart showing net change of cryptocurrency machines number installed and removed monthly. Source: Coin ATM Radar
According to data from Coin ATM Radar, the number of crypto ATMs worldwide experienced a significant decline of 5,850 units in the first four months of 2023. However, in May, there was a positive shift with the addition of 1,397 machines back into the global crypto ATM network.
Bitcoin ATMs serve as physical locations where people can exchange their fiat currencies for cryptocurrencies, although they do not directly contribute to the growth of the Bitcoin network. In 2023, Australia emerged as a prominent player in this space, installing a total of 233 ATMs and securing the position of the third-largest crypto ATM hub globally.
Despite the overall decline, the United States continues to lead the pack with an impressive share of 84.7% of all crypto ATMs worldwide, followed by Canada at 7.6%.
As of now, there are 35,069 functional ATMs operating worldwide. Unfortunately, there has been a recent incident where a hacker successfully obtained access to critical information belonging to General Bytes, a manufacturer of Bitcoin ATMs. The compromised data includes passwords, private keys, and funds.
On March 17-18th, 2023, GENERAL BYTES experienced a security incident.
We released a statement urging customers to take immediate action to protect their personal information.
We urge all our customers to take immediate action to protect their funds and https://t.co/fajc61lcwR…
— GENERAL BYTES (@generalbytes) March 18, 2023
In their official statement, General Bytes reassured that they have acted promptly to prevent any additional unauthorized access to their systems. The company is working diligently to safeguard their customers’ interests.
Also Read This Related: FCA’s crackdown on unregistered crypto ATMs in the UK persists
As previously mentioned by Cointelegraph, the hacker successfully withdrew approximately 56 BTC and 21.82 ETH, which amounted to a loss of $1,900. To prevent similar incidents in the future, General Bytes advised their operators and customers to transition to a self-hosted server installation, which can be protected by using a Virtual Private Network (VPN).
Important: This article is intended solely for informational purposes. It should not be considered or relied upon as legal, tax, investment, financial, or any other form of advice.
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