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Bitcoin ATM Scams EXPOSED! · Earn Your Leisure

• 0:01
  Speaker 1: This episode is brought to you by P and C Bank.
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  Speaker 2: Yeah for sure, one hundred percent. Let's do this.
• 0:45
  Speaker 3: Let's talk about some financial topics before we get into yours.
• 0:50
  Speaker 3: So I want to show this clip about bitcoin fraud
• 0:54
  Speaker 3: that's been happening with ATM machines. Can we show this
• 0:58
  Speaker 3: clip please?
• 1:00
  Speaker 4: You are watching a victim get scammed so.
• 1:03
  Speaker 2: Much money you haven't already sense of the ten.
• 1:05
  Speaker 4: Thousand, one of thousands of Americans caught in a growing
• 1:10
  Speaker 4: global crime spree. That's no secret police what.
• 1:13
  Speaker 5: They tell you to take any podcasts, get flangle, please
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  Speaker 5: the phone, Okay, you're not.
• 1:23
  Speaker 4: In all of these cases, these machines called crypto ATMs
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  Speaker 4: become the getaway car for the scammers who pray on
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  Speaker 4: victims like Gus case.
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  Speaker 6: That's where I stuff ten hundred dollars bills. They would
• 1:35
  Speaker 6: prompt you for everything and come up. And I had
• 1:38
  Speaker 6: him on the phone too.
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  Speaker 5: Had you ever seen this before? Never been here before,
• 1:42
  Speaker 5: never been here.
• 1:43
  Speaker 4: After this happened as he was recovering from a stroke.
• 1:46
  Speaker 5: I got a phone call. Well, he told me he
• 1:48
  Speaker 5: was president of the bank. And so now you tell me.
• 1:51
  Speaker 5: I want you to swear that you're not a scam.
• 1:53
  Speaker 5: I swear I'm not a scam. You know all that.
• 1:56
  Speaker 5: He convinced me. He was good. He was good.
• 2:00
  Speaker 4: A scammer told Gus that he would be arrested unless
• 2:02
  Speaker 4: he withdrew fifteen thousand dollars in cash and deposited it
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  Speaker 4: in that crypto ATM. It looks like a normal ATM,
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  Speaker 4: but a crypto ATM is different. Put in cash and
• 2:13
  Speaker 4: it converts it into cryptocurrency in an instant. The FBI
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  Speaker 4: says victims like Gus have lost about two hundred and
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  Speaker 4: forty million dollars so far this year, double the pace
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  Speaker 4: of last year.
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  Speaker 5: I should have known better. I should have known better.
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  Speaker 5: I was stupid enough.
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  Speaker 4: I failed for the scammer took off with Gus's cash
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  Speaker 4: in the form of cryptocurrency, but the crypto ATM company
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  Speaker 4: also made money from the transaction in the form of
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  Speaker 4: fees and markups, often at twenty to thirty percent that
• 2:40
  Speaker 4: they charge on transaction. Scam or legit. Lawsuits from Attorney's
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  Speaker 4: General accused the top three crypto ATM firms of profiting
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  Speaker 4: from scams and not protecting customers. When police seized the
• 2:53
  Speaker 4: scam cash out of ATMs, the crypto ATM companies hit
• 2:56
  Speaker 4: back hard in court to get that cash back, which
• 2:59
  Speaker 4: is what happened to GUS.
• 3:01
  Speaker 6: Cops went and got it that night. They took to
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  Speaker 6: they going on a machine and took out fifteen thousand dollars.
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  Speaker 5: They held on to it.
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  Speaker 4: Bitcoin Depot, the company with the most crypto ATMs in
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  Speaker 4: the US, fought in court to get the fifteen thousand
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  Speaker 4: dollars back, and one.
• 3:16
  Speaker 6: Bitcoin had no buenness getting that money at all. I mean, really, when,
• 3:20
  Speaker 6: especially when it's a scam, you think that's fair, well,
• 3:24
  Speaker 6: hell no.
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  Speaker 4: The company points out its machines, like many crypto ATMs,
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  Speaker 4: have multiple onscreen warnings, alerts of scams, and requires that
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  Speaker 4: customers agree that they're only sending money to their own accounts.
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  Speaker 4: Bitcoin Depot also told CNN, we do not profit from scams,
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  Speaker 4: and the vast majority of our customers use our kiosk
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  Speaker 4: for lawful purposes. The company adds, if it can't stop
• 3:45
  Speaker 4: the transaction, it reviews every potential scam case individually for
• 3:49
  Speaker 4: possible fee relief or refunds.
• 3:59
  Speaker 3: All right, so you know this is interesting, Hey bigcoin
• 4:04
  Speaker 3: on the it's interested on a few different levels. If
• 4:07
  Speaker 3: you follow the bigcoin bull bear cycle, we're at the
• 4:15
  Speaker 3: tail end of this bull run. If history would repeat itself,
• 4:19
  Speaker 3: why do you say that shot? Well, chat GBT says it.
• 4:23
  Speaker 3: But if you go by the amount of time that
• 4:27
  Speaker 3: a bull run lasts, for this bull run will be
• 4:30
  Speaker 3: over fourth quarter of this year or first quarter of
• 4:34
  Speaker 3: next year. So we're at the tail end and you
• 4:37
  Speaker 3: start to see. One of the signs of seeing the
• 4:40
  Speaker 3: tail end is when you start to see scams pick
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  Speaker 3: up dramatically. And they said, like, this is the highest
• 4:46
  Speaker 3: level of scams that we've seen in bitcoin ever, I
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  Speaker 3: think it's almost twice is what it was last year.
• 4:52
  Speaker 3: But this is a questionary tale for people just in
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  Speaker 3: general as far as what artificial intelligence has done now
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  Speaker 3: is is made it easier to scam people.
• 5:01
  Speaker 7: And to be clear, you're not saying bitcoin is a
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  Speaker 7: scam because I don't want them clip that.
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  Speaker 2: Up in No, No, I'm not saying bitcoin is a scam.
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  Speaker 3: I'm saying that it can be used as a shield
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  Speaker 3: to facilitate to facilitate a scam. And so these people,
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  Speaker 3: you know a lot of elderly people, but it could
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  Speaker 3: happen to anybody. You know, they saying, okay, like go
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  Speaker 3: to the ATM machine, give the ATM machine the money.
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  Speaker 3: So if you see, I'm pretty sure you people everybody
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  Speaker 3: has seen bitcoin ATM machines for sure, and that's the
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  Speaker 3: way to actually put physical cash into a into a machine,
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  Speaker 3: send bitcoin to somebody. But now the bigcoin ATM machine
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  Speaker 3: is like, now we're not it's your fault, like we're
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  Speaker 3: not going to give you the money back, like just
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  Speaker 3: because you got scammed, like you know, like we make
• 5:41
  Speaker 3: you read everything on this, make sure you know who
• 5:43
  Speaker 3: you're sending into another thing about crypto once you have it.
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  Speaker 2: The meet before I've sent crypto, I missed one letter.
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  Speaker 2: You can't.
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  Speaker 3: There's no customer service number. There is no recourse to
• 5:55
  Speaker 3: get your money back.
• 5:58
  Speaker 2: That's why sit bank.
• 6:00
  Speaker 3: I think that they said that they're going to start
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  Speaker 3: holding bitcoin for people, uh starting next year, and like
• 6:05
  Speaker 3: we already have either we already have bitcoin ets. Now
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  Speaker 3: the next thing is that banks are going to start
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  Speaker 3: to be custodians of people's bigcoin.
• 6:13
  Speaker 7: It's a good way to prevent that crash from happening
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  Speaker 7: on your end because the books not looking solid right,
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  Speaker 7: all of a sudden, every every fucking bank on Earth
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  Speaker 7: loves bitcoin. I bet, but Swee, do you ever gotten
• 6:25
  Speaker 7: paid a bitcoin?
• 6:26
  Speaker 2: Though maybe she did, I don't know. Shot solute.
• 6:35
  Speaker 7: Be careful of all scams going around.
• 6:40
  Speaker 2: But at the end of the ball run or started
• 6:42
  Speaker 2: the ball? Do you think is different? You think you
• 6:47
  Speaker 2: think you still got some more time.
• 6:49
  Speaker 7: I think we have a little bit more time because
• 6:51
  Speaker 7: the banks and financial institution have vested interests for it
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  Speaker 7: to stay afloat.
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  Speaker 2: A so that.
• 7:00
  Speaker 7: The mid tier banks don't get crushed. And I think
• 7:04
  Speaker 7: with the onboarding of that asset class, it makes banks a.
• 7:11
  Speaker 7: I think the institution will take over a bitcoin or
• 7:14
  Speaker 7: adoption of bitcoin. I think that they're going to push
• 7:17
  Speaker 7: it up a little bit further, a little bit longer,
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  Speaker 7: maybe end of Q one. But I can definitely see
• 7:24
  Speaker 7: a pullback, not like the one we have from sixty
• 7:26
  Speaker 7: to twenty, but I definitely can see a pullback, and
• 7:29
  Speaker 7: I think that would be a goal rush no pun
• 7:32
  Speaker 7: intended from the rest of the banks into it earners.
• 7:35
  Speaker 2: What's up?
• 7:35
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• 7:38
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