Posted on

Bitcoin ATMs Find Love In Greece, Market To Boom

Over the last few months, crypto ATMs have grown popular in various regions in the global financial market, with many market players getting onboard. Crypto ATMs allow users to buy or sell their digital assets like Bitcoin, Litecoin, Ethereum, Dashcoin, and others. Greece is one of the countries where these machines are fast gaining popularity.

What Makes Them Tick?

At the moment, there’s one crypto ATM in the Greek region of Thessaloniki and 4 in Athens. Media reports indicate that more Greek cities will embrace the use of crypto ATMs in the near future, with more of such machines set to be installed in various parts of the country in the coming months. Stefanos Getsopoulos is the co-founder of a popular crypto company, Thess Cash Hallas, and he says that plans are underway to install 3 more crypto ATMs in Northern Greece.

The love of these ATMs is largely driven by many crypto users’ preference of a freer financial and investment market as opposed to the largely centralized institutions like banks. As such, many users opt to use cryptos to avoid the centralized system. Also, some cryptocurrency users embrace the use of the ATMs as they provide an easier way to access their assets faster. In fact, crypto ATMs allow users to liquidate and withdraw their digital assets in fiat currency wherever they are. This advantage makes the ATMs even more popular in the crypto community.

There’s A Boom In The Offing

A report released recently by MarketsandMarkets, a research firm, projects the global crypto ATM market to hit north of $144.5 million by the year 2023, with a Compound Annual Growth Rate (CAGR) of about 54%.  Just last year, the market value totaled around $6.8 million. Currently, the market value stands at about $16.3 million, meaning that in the next 5 years, the global crypto ATM market is expected to grow eightfold.

Understandably, this projected market expansion might come as a shock to some, but a critical look at the figures of 2017 compared to the current figures gives all the indications of an exponentially growing market. In the last few months from 2017, the market has expanded by upwards of 50%.

According to the same report by MarketsandMarkets, the growth of the crypto market would also trigger an increase in the overall number of transactions conducted through the ATMs. This would, in turn, create the need for more crypto ATMs in service. There are now about 3,650 BATMs (Bitcoin ATMs) in service around the world, with about 4 machines being commissioned every single week.

Girl in a jacket


Posted on

KickICO Hacked, $7.7 Million Stolen After Smart Contract Breach

Suspected hackers have successfully managed to attack another cryptocurrency project, this time, KickICO. The attackers were able to steal 70 million KICK which has a market value of about $7.7 million. The hack comes barely two weeks after Bancor, a decentralized exchange platform suffered a $23.5 million cyberattack.

Details of the Hack

According to a statement released via the project’s Medium page, the attack occurred at 9:04 UTC, yesterday (July 26, 2018). The suspected attackers gained control of the project’s smart contract by obtaining a private key, thus, allowing them to siphon coins from the wallet of users.

With full access to the project’s smart contract, the hackers were able to replace 40 different addresses with new spoof addresses containing the same amount of KICK tokens. By so doing, the hackers didn’t alter the total supply of KICK tokens hoping that such a tact would enable them to fly under the radar.

Only the timely intervention of the project team prevented the attack from being more catastrophic. Once alerted to the situation, the project team was able to arrest the situation by replacing the compromised key with a that of the cold storage wallet. The announcement also advised users who lost funds in the attack to send an email to the project team.

Plans to Reimburse Affected KickICO Users

The announcement also revealed that affected users would be reimbursed, saying:

We’ll return [sic] exact amount of tokens to their legit owners. We apologize for the inconveniences but guarantee that the situation is under control.

The working theory of the internal investigators on the attack is that the recent price growth of KICK tokens caused the project to become a potential target of hackers. In the past fortnight, KICK coins rose from $0.4 to 0.12. However, it is disconcerting to note that the attack took place only because the hackers got access to a private key.

What do you think about the KickICO hack? Keep the conversation going in the comment section below.

Image courtesy of Medium (KICKICO OFFICIAL).