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'Wild west of finance': Why are there cryptocurrency ATMs?

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'Wild west of finance': Why are there cryptocurrency ATMs?

The Canberra region has about 39 cryptocurrency ATMS, but for locals who haven’t engaged with digital currency before their presence can be confusing.

Cryptocurrencies, or cryptos, are digital tokens that allow people to make payments directly to each other through an online system.

The ATMS were created as an alternative payment method to remove the middleman of banks through a de-centralised system.

When transferring crypto, thousands of computers worldwide verify the transfer, instead of one bank.

Bought and sold on digital marketplaces called exchanges, cryptocurrencies don’t have any intrinsic monetary value — they are worth whatever people are willing to pay for them at the market on a given day.

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Currently, Bitcoin is both the most popular crypto and the crypto with the highest monetary value, at about $150,000 per coin.

So if the main purpose of crypto is to be digital, why do crypto ATMs exist, and are they useful?

How do they work?

There is no tangible data on how many Australians are accessing the ATMs, however as of last July, according to YouGov, about 1.3 million NSW residents, 801,000 Victorians, 850,000 Queenslanders, 294,000 South Australians, and 462,000 WA residents said they currently owned crypto.

Award-wining technology journalist and founder of technology publication Pickr, Leigh Stark, told ABC Radio Canberra the primary function of a crypto ATM is to turn real money into digital money, or vice versa.

In order to use a crypto ATM a person must already have a crypto wallet that can generate a QR code.

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At a crypto ATM the digital currency can be bought, sold, or both, but Mr Stark said most only offer access to between five and 10 of the major cryptocurrencies — almost always including Bitcoin.

Selling cryptocurrency through a crypto ATM means swapping it for its current market value in cash or with a debit card.

You can also buy cryptocurrency with cash or a debit card at a crypto ATM.

Mr Stark said he didn’t know “if there’s necessarily a need” for cryptocurrency ATMs.

“I can understand why some people might want to take some of their money out of it, so effectively turning a digital coin that only exists on the internet into hard money, that kind of makes some sense to me,” he said.

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“But buying crypto through it, I’m not entirely sure I understand that — largely because of the amount of exchanges that exist online.

“I feel like they would be a better approach for actually buying crypto, not even just because of the money transfer, but also because there are a lot more options for what you invest in on an online exchange.”

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Mr Stark warned taking money out from some crypto ATMs was taxable, and it was up to a user to remember and file.

“So the ATMs, effectively, they still have to abide by Australian government regulation regarding how they work,” he said

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“But the whole thing about crypto and managing to take your money out of it, it qualifies as part of the capital gains tax.

“Not all crypto ATMs work that way, but if you take your money out, you have to remember what you did as a form of event, and file that information later on.”

Are Canberrans using Bitcoin ATMs?

Mr Stark said because a Bitcoin ATM usually only offered access to a selection of major cryptocurrencies, their usefulness depends on what exchanges a person invests in.

And they don’t all support selling, which is how a person can get money from them.

“Not every Bitcoin ATM works as a form of exchange, that’s for selling currency and they don’t all do that.

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“In fact, far fewer support selling than they do buying.”

A Localcoin branded Bitcoin ATM in Canberra. (ABC News: David Sciasci)

Mr Stark said crypto ATMs in the Canberra region typically accepted a maximum of $25,000 in cash, but he suspected the majority of users wouldn’t be carrying that much cash with them.

But he said much smaller amounts were not uncommon.

“I mean the reality is, if you put in 20 bucks, that’s 0.000013 of a single Bitcoin,” he said.

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“[But] you absolutely could buy that small amount of crypto, and that’s quite normal.”

Mr Stark said often people begin buying crypto in these very small amounts and then decide whether to buy more depending on whether its value increases.

“Crypto is kind of the wild wild west of finance, depending on what type of coin you get, whether it’s one of the big ones like Bitcoin or one of the small ones like Shiba Inu or Ethereum, or anything like that, you might end up with a small amount that spirals into a big one,” he said.

“You might be one of those success stories, it seems highly unlikely, but you could be just waiting for it to get higher and higher.”

Are they used for scams or crime?

In order to use the financial proceeds of crime, or ‘dirty money’, it first needs to be laundered to hide its illegal origins. 

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Cryptocurrency offers a sophisticated way to do this by turning it into digital currency.

However, every crypto transaction is recorded on a blockchain — essentially a publicly available, online ledger — so to make the dirty money truly clean, the crypto is then put through a mixer service.

These services mix cryptocurrency together from a number of different users, which obscures the transaction trails and makes it very difficult to trace the original source.

A Localcoin branded sign that reads

Leigh Stark says if someone is asking you to buy them Bitcoin, it’s most likely a scam. (ABC News: David Sciasci)

Mr Stark said it wouldn’t shock him if Bitcoin ATMs were being used for criminal enterprises like money laundering or money mule activities.

“I’ve not seen it, but likewise, I’ve also never seen anyone actively use a Bitcoin ATM before,” he said.

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“I’ve never had a reason to, and that’s kind of the point.

“But maybe I’m coming at the wrong times, maybe there are people coming through with $25,000 at 1am and I just have no idea.”

As for using them in scams, Mr Stark said that was less about the ATMs and more about cryptocurrency as a whole.

He said if someone is asking you to get Bitcoin for them “it’s probably a scam”.

“There are a lot of different scams out there, and Australians lose billions every year, but yes, if somebody has asked you to buy them crypto or said that you need to give them crypto in order to get something in return, it’s very likely a scam,” Mr Stark said.

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“Some of the Bitcoin ATMs have been used for things like that, and so now the Australian government is effectively trying to track and work out how those actually work in relation.”

Crypto

St. Augustine Film Festival will honor creator of film about crypto scams

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St. Augustine Film Festival will honor creator of film about crypto scams
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Ben McKenzie will receive a Career Achievement Award at the St. Augustine Film Festival Jan. 10 prior to the screening of his documentary, “Everyone is Lying to You for Money.”

The former star of “The OC” wrote, directed and produced the film while writing his New York Times bestseller “Easy Money,” which spotlights cryptocurrency as a large-scale scam.

Working in collaboration with journalist Jacob Silverman, the film includes interviews with currently jailed cryptocurrency industry leaders and celebrities now facing trials for misleading the public on the value of cryptocurrencies as virtual money.

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Sporting degrees in economics and political science from the University of Virginia, McKensie traveled to El Salvador – also known as Bitcoin city – and London’s banking district to showcase fraud perpetrated by Alex Mashinsky, the founder and CEO of Celsius Network, who was sentenced to 12 years in prison for one count of commodities fraud and one count of securities fraud.

New York prosecutors accused Mashinsky with deceiving clients about the company’s finances and manipulating the price of Celsius’ token, which caused billions of dollars in losses.

The movie also includes interviews with individuals who were part of the scam before it collapsed, McKensie’s testimony before Congress following the arrest of Sam Bankman-Fried and his trip to El Salvador.

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“I turned the cameras on to document the difference between the marketing campaign and the reality of what was happening on the ground,” he told the St. Augustine Record. “Cryptocurrency was perpetuated by a very small number of people who made a lot of money in an industry rife with fraud, corruption and criminal activity.”

McKensie underscored the film as an unusual comedy that he’s deeply proud of.

“The film highlights the idea of avoiding intermediaries as appealing, but creating a currency that bypasses a banking system would never work,” he said. “The idea of investing in this obtuse thing that was hard to understand evolved/metastasized to exhibit the worst parts of our current system.”

McKensie described the “command tactic” of the get rich scheme as a con man tactic that lured people in as Bitcoin emerged during the wake of a financial crisis.

Bankman-Fried, the founder of the FTX cryptocurrency exchange, was eventually convicted of wire, securities and commodities fraud along with money laundering and conspiracy and sentenced to 25 years in prison.

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McKensie’s involvement was born and bred from COVID, “when I had time on my hands to check the financial markets.”

“I’m not an economist, but I love theory and behavioral economics,” he said. “I especially love the writings of the Nobel Prize winning economist Robert Schiller, who talks about things that were applicable to crypto that naturally occur in Ponzi schemes.”

Convinced that no one was monitoring the “price of a speculative asset rising far beyond what it was worth in terms of practical use in the real world,” McKensie turned to social media as a platform to show that “crypto was getting out of hand.”

Posts connected him to Silverman and together they worked on reporting on the ill-fated concept. It didn’t take long before a book proposal landed on his desk.

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“Then it was off to the races,” he said.

“I’ve met a lot of really interesting people I never would have met if not for the book,” he said. “I’ve never done anything like this before so I’m really glad I did.”

McKensie said that Greg von Hausch, co-founder of the SAFF, was persistent in adding “Everyone is Lying to You for Money” to the festival.

While the success of the book and the film remain paramount to an actor who hedged his bets in New York because of his love of “the art,” the Texas native has a long and successful acting resume that includes stints on Broadway for “Grand Horizons,” which received a Tony nod for Best New Play, an appearance in “Junebug” with Amy Adams and one in “88 Minutes” starring Al Pacino. Other film credits include the indie film “Johnny Got His Gun” and “Some Kind of Beautiful” with Pierce Brosnan and Salma Hayek.

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Other film credits include “Decoding Annie Parker” opposite Helen Hunt and a starring role in the short film “The Eight Per Cent of the 2009” shown in New York’s Tribeca Film Festival.

In 2009, he returned to series television in “Southland,” portraying a patrol officer in Los Angeles. McKensie also starred as Detective James Gordon in the series “Gotham,” detailing Gordon’s rise in Gotham City before Batman’s appearance.

McKensie made his directorial debut in Season 3 of “Gotham” where he met his then co-star and now wife, Morena Baccarin, who is the mother to his two children. The family resides in New York.

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Discover the Top Hottest Meme Coins of 2026

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Discover the Top Hottest Meme Coins of 2026

Embrace the future of cryptocurrency with the latest meme coins, offering unique opportunities and connection to internet culture. Explore an extensive overview of the top tokens in this rapidly evolving market.

Our comprehensive assessments explore the usability, security, features, and community support provided by these tokens. Acquire the knowledge necessary to confidently select your ideal meme coin.

The Best Meme Coins in 2026

Solaxy is not just a meme coin. Yes, the Pepe-Einstein mascot and vibrant illustrations scream meme coins, but Solaxy has much more going on.

The project is building a layer-2 scaling solution for Solana that shakes up the game by tackling network congestion. How? By processing transactions off-chain and bundling them for final verification. That means lower fees, lightning-fast speeds, and smooth trading.

That’s just the start. The white paper teases bigger plans, including cross-chain compatibility with Ethereum. This could unlock massive opportunities in NFTs, gaming, and DeFi.

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The community is growing at breakneck speed, with 70,000+ strong on X (Twitter), and the Solaxy (SOLX) presale is racing ahead. It has raised around $31 million already.

Early investors in Solaxy are also earning big from the staking program that boasts a jaw-dropping 160% APY, with nearly 7 billion tokens already locked. The passive rewards curb early sell-offs and rewards long-term believers.

Solaxy isn’t just about hype. It’s built for sustainable growth. A hefty 25% of the total supply is set aside for community rewards for continued engagement. Meanwhile, 30% fuels project development. SOLX is clearly one of the hottest meme coins to buy now.

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Innovative Layer-2 Solution for the Solana Ecosystem With More Reliable Transactions

Snorter is the adventurous project that combines meme coin energy with serious trading power. It is a full-featured Telegram bot that makes trading Solana tokens fast, simple, and secure. With just a few taps on your phone, you can buy, snipe, sell, or set up stop losses without ever leaving Telegram.

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The SNORT token powers this system, giving users access to premium features and helping fuel the bot’s entire ecosystem. With over $550,000 already raised in its presale, it is clear that traders are paying attention, and the earlier you join, the cheaper the token.

Snorter’s ease of use and powerful toolset make it the best Solana bot for meme coin hunters. Whether you want to catch early launches, protect your trades, or copy top wallets, Snorter gives you the tools to do it all in seconds.

With this kind of utility, fun branding, and real-time use cases, Snorter has everything it needs to go viral. And that momentum could make SNORT one of the biggest meme utility tokens in the space. If you are thinking of joining, now is the time to grab it before prices start rising.

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Full-featured Telegram bot that makes trading Solana tokens fast, simple, and secure

Bitcoin has always been trusted for its security, but it has struggled with real use in everyday apps and payments. Now, Bitcoin Hyper wants to change that. It is building a powerful Layer 2 network that fixes Bitcoin’s biggest problems, like slow speeds, high fees, and the inability to run smart contracts.

This is the kind of upgrade many Bitcoin holders and developers have been waiting for. With tools like the Solana Virtual Machine for fast dApps and a Canonical Bridge to move BTC in and out of Layer 2 easily, Bitcoin Hyper is turning the original blockchain into something much more useful.

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The presale for the HYPER token is live, and it is moving quickly. With prices increasing at each stage, early buyers could see real upside as the project gets closer to launch. A solution like this with real utility, fast transactions, low fees, and staking rewards has the potential to grow into something massive. That is probably why the presale is getting so much attention.

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Powerful Layer 2 network that fixes Bitcoin’s biggest problems

Ditching the recycled meme coin formulas, Bitcoin Bull takes charge with a reward and burn mechanism directly linked to Bitcoin’s price. The ongoing BTCBULL presale just smashed $4.5 million, with investors piling in.

BTCBULL offers milestone-based airdrops, where holders receive rewards when BTC crosses $150,000. Airdrops continue at every $50,000 BTC price increase.

Deflationary burns are another key feature. The first burn kicks in at $125,000, gradually reducing BTCBULL’s supply. The mechanism supports BTC’s value appreciation over time.

The platform allows users to earn BTC passively and get real Bitcoin and BTCBULL tokens, creating multiple income streams. With over 700 million tokens already locked, BTCBULL’s staking model is proving its strength.

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Analysts predict Bitcoin could hit $200,000 this year. The forecasts have strengthened the hype around BTCBULL. As a meme coin linked to Bitcoin’s key price milestones, the project has high growth potential this year.

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Bitcoin Mania in Meme Coin Avatar

SUBBD is a brand-new crypto project that combines artificial intelligence with content creation. The project’s goal is simple; radically transform how creators connect with their audiences.

And how does SUBBD do that? It automates key tasks such as streaming, scheduling, editing, and community management.

Creators can focus on producing quality content, as a result.

At the very heart of SUBBD’s ecosystem is the $SUBBD token. It unlocks exclusive access to premium features, platform discounts, and VIP perks.

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The project’s token staking mechanism adds to the presale hype. Withina few hours of going live, the presale has raised over $100,000.

As a project that empowers creators and engages fans more intimately, SUBBD is a top altcoin to watch ahead of the next crypto rally. SUBBD is on a mission to disrupt the $85 billion content subscription market.

SUBBD tokens can be purchased using ETH, BNB, USDT, USDC, or traditional bank cards.

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The Ultimate Crypto Presale Experience for Creators and Their Fans

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Glasgow police warn public of cryptocurrency scam – WNKY News 40 Television

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Glasgow police warn public of cryptocurrency scam – WNKY News 40 Television

GLASGOW, Ky. – The Glasgow Police Department says a scam is targeting individuals, according to a release.

Major Terry Flatt says the department has received complaints about scams and fraud resulting in thousands of dollars in losses.

Flatt says that individuals are being contacted by someone claiming to be an investment manager who promises to grow their money by purchasing cryptocurrency.

The caller will advise the phone call recipient to visit a website that appears authentic but is actually fraudulent.

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Flatt says that when scam victims attempt to withdraw earnings, they are told that they need to pay high fees.

The GPD media release states that scammers advertise individual retirement accounts as IRS-approved.

The fraud begins with a pop-up message from internationally recognized companies. The pop-ups state that the individual has a virus on their personal device.

The scammers encourage victims to contact them for remote support, allowing the scammers to access all of the victims’ information and to install malware.

Flatt says some of the scams require victims to place money on gift cards. The scammers will then ask for the gift card code.

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The Glasgow Police Department advises residents not to provide any personal information and to report suspicious activity immediately by calling local law enforcement.

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