WEBVTT - Bitcoin ATM Scams EXPOSED!

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<v Speaker 2>Yeah for sure, one hundred percent. Let's do this.

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<v Speaker 3>Let's talk about some financial topics before we get into yours.

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<v Speaker 3>So I want to show this clip about bitcoin fraud

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<v Speaker 3>that's been happening with ATM machines. Can we show this

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<v Speaker 3>clip please?

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<v Speaker 4>You are watching a victim get scammed so.

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<v Speaker 2>Much money you haven't already sense of the ten.

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<v Speaker 4>Thousand, one of thousands of Americans caught in a growing

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<v Speaker 4>global crime spree. That's no secret police what.

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<v Speaker 5>They tell you to take any podcasts, get flangle, please

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<v Speaker 5>the phone, Okay, you're not.

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<v Speaker 4>In all of these cases, these machines called crypto ATMs

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<v Speaker 4>become the getaway car for the scammers who pray on

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<v Speaker 4>victims like Gus case.

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<v Speaker 6>That's where I stuff ten hundred dollars bills. They would

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<v Speaker 6>prompt you for everything and come up. And I had

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<v Speaker 6>him on the phone too.

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<v Speaker 5>Had you ever seen this before? Never been here before,

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<v Speaker 5>never been here.

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<v Speaker 4>After this happened as he was recovering from a stroke.

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<v Speaker 5>I got a phone call. Well, he told me he

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<v Speaker 5>was president of the bank. And so now you tell me.

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<v Speaker 5>I want you to swear that you're not a scam.

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<v Speaker 5>I swear I'm not a scam. You know all that.

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<v Speaker 5>He convinced me. He was good. He was good.

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<v Speaker 4>A scammer told Gus that he would be arrested unless

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<v Speaker 4>he withdrew fifteen thousand dollars in cash and deposited it

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<v Speaker 4>in that crypto ATM. It looks like a normal ATM,

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<v Speaker 4>but a crypto ATM is different. Put in cash and

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<v Speaker 4>it converts it into cryptocurrency in an instant. The FBI

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<v Speaker 4>says victims like Gus have lost about two hundred and

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<v Speaker 4>forty million dollars so far this year, double the pace

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<v Speaker 4>of last year.

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<v Speaker 5>I should have known better. I should have known better.

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<v Speaker 5>I was stupid enough.

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<v Speaker 4>I failed for the scammer took off with Gus's cash

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<v Speaker 4>in the form of cryptocurrency, but the crypto ATM company

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<v Speaker 4>also made money from the transaction in the form of

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<v Speaker 4>fees and markups, often at twenty to thirty percent that

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<v Speaker 4>they charge on transaction. Scam or legit. Lawsuits from Attorney's

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<v Speaker 4>General accused the top three crypto ATM firms of profiting

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<v Speaker 4>from scams and not protecting customers. When police seized the

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<v Speaker 4>scam cash out of ATMs, the crypto ATM companies hit

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<v Speaker 4>back hard in court to get that cash back, which

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<v Speaker 4>is what happened to GUS.

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<v Speaker 6>Cops went and got it that night. They took to

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<v Speaker 6>they going on a machine and took out fifteen thousand dollars.

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<v Speaker 5>They held on to it.

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<v Speaker 4>Bitcoin Depot, the company with the most crypto ATMs in

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<v Speaker 4>the US, fought in court to get the fifteen thousand

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<v Speaker 4>dollars back, and one.

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<v Speaker 6>Bitcoin had no buenness getting that money at all. I mean, really, when,

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<v Speaker 6>especially when it's a scam, you think that's fair, well,

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<v Speaker 6>hell no.

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<v Speaker 4>The company points out its machines, like many crypto ATMs,

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<v Speaker 4>have multiple onscreen warnings, alerts of scams, and requires that

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<v Speaker 4>customers agree that they're only sending money to their own accounts.

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<v Speaker 4>Bitcoin Depot also told CNN, we do not profit from scams,

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<v Speaker 4>and the vast majority of our customers use our kiosk

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<v Speaker 4>for lawful purposes. The company adds, if it can't stop

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<v Speaker 4>the transaction, it reviews every potential scam case individually for

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<v Speaker 4>possible fee relief or refunds.

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<v Speaker 3>All right, so you know this is interesting, Hey bigcoin

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<v Speaker 3>on the it's interested on a few different levels. If

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<v Speaker 3>you follow the bigcoin bull bear cycle, we're at the

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<v Speaker 3>tail end of this bull run. If history would repeat itself,

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<v Speaker 3>why do you say that shot? Well, chat GBT says it.

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<v Speaker 3>But if you go by the amount of time that

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<v Speaker 3>a bull run lasts, for this bull run will be

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<v Speaker 3>over fourth quarter of this year or first quarter of

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<v Speaker 3>next year. So we're at the tail end and you

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<v Speaker 3>start to see. One of the signs of seeing the

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<v Speaker 3>tail end is when you start to see scams pick

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<v Speaker 3>up dramatically. And they said, like, this is the highest

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<v Speaker 3>level of scams that we've seen in bitcoin ever, I

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<v Speaker 3>think it's almost twice is what it was last year.

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<v Speaker 3>But this is a questionary tale for people just in

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<v Speaker 3>general as far as what artificial intelligence has done now

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<v Speaker 3>is is made it easier to scam people.

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<v Speaker 7>And to be clear, you're not saying bitcoin is a

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<v Speaker 7>scam because I don't want them clip that.

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<v Speaker 2>Up in No, No, I'm not saying bitcoin is a scam.

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<v Speaker 3>I'm saying that it can be used as a shield

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<v Speaker 3>to facilitate to facilitate a scam. And so these people,

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<v Speaker 3>you know a lot of elderly people, but it could

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<v Speaker 3>happen to anybody. You know, they saying, okay, like go

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<v Speaker 3>to the ATM machine, give the ATM machine the money.

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<v Speaker 3>So if you see, I'm pretty sure you people everybody

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<v Speaker 3>has seen bitcoin ATM machines for sure, and that's the

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<v Speaker 3>way to actually put physical cash into a into a machine,

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<v Speaker 3>send bitcoin to somebody. But now the bigcoin ATM machine

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<v Speaker 3>is like, now we're not it's your fault, like we're

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<v Speaker 3>not going to give you the money back, like just

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<v Speaker 3>because you got scammed, like you know, like we make

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<v Speaker 3>you read everything on this, make sure you know who

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<v Speaker 3>you're sending into another thing about crypto once you have it.

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<v Speaker 2>The meet before I've sent crypto, I missed one letter.

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<v Speaker 2>You can't.

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<v Speaker 3>There's no customer service number. There is no recourse to

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<v Speaker 3>get your money back.

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<v Speaker 2>That's why sit bank.

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<v Speaker 3>I think that they said that they're going to start

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<v Speaker 3>holding bitcoin for people, uh starting next year, and like

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<v Speaker 3>we already have either we already have bitcoin ets. Now

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<v Speaker 3>the next thing is that banks are going to start

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<v Speaker 3>to be custodians of people's bigcoin.

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<v Speaker 7>It's a good way to prevent that crash from happening

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<v Speaker 7>on your end because the books not looking solid right,

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<v Speaker 7>all of a sudden, every every fucking bank on Earth

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<v Speaker 7>loves bitcoin. I bet, but Swee, do you ever gotten

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<v Speaker 7>paid a bitcoin?

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<v Speaker 2>Though maybe she did, I don't know. Shot solute.

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<v Speaker 7>Be careful of all scams going around.

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<v Speaker 2>But at the end of the ball run or started

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<v Speaker 2>the ball? Do you think is different? You think you

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<v Speaker 2>think you still got some more time.

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<v Speaker 7>I think we have a little bit more time because

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<v Speaker 7>the banks and financial institution have vested interests for it

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<v Speaker 7>to stay afloat.

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<v Speaker 2>A so that.

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<v Speaker 7>The mid tier banks don't get crushed. And I think

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<v Speaker 7>with the onboarding of that asset class, it makes banks a.

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<v Speaker 7>I think the institution will take over a bitcoin or

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<v Speaker 7>adoption of bitcoin. I think that they're going to push

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<v Speaker 7>it up a little bit further, a little bit longer,

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<v Speaker 7>maybe end of Q one. But I can definitely see

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<v Speaker 7>a pullback, not like the one we have from sixty

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<v Speaker 7>to twenty, but I definitely can see a pullback, and

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<v Speaker 7>I think that would be a goal rush no pun

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<v Speaker 7>intended from the rest of the banks into it earners.

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