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The Department of Banking highlighted that Bitcoin of America failed to obtain a license as a money transmitter to operate Bitcoin ATM kiosks in the state. Cryptocurrency and Bitcoin (BTC) ATM provider, Bitcoin of America, consented with the Connecticut Department of Banking to halt its operations due to a lack of licensing.  In a statement released on May 22, the Department of Banking highlighted that Bitcoin of America failed to obtain a proper license to operate Bitcoin ATM kiosks in the state. However, the consent order was enforced after four Connecticut consumers lost tens of thousands of dollars in a scam involving the kiosks in question. The state revealed: “As a result of the consent order, Bitcoin of America made restitution to these consumers totaling $86,000. Following a criminal indictment, Bitcoin of America is winding down operations here in Connecticut.” Banking commissioner Jorge Perez issued a warning against the use of un license d crypto kiosks. He stated that inv...

General Bytes has implemented several measures in the wake of the hack, including offering to reimburse its cloud-hosted customers and adding new security measures. Bitcoin ATM manufacturer General Bytes says it is reimbursing its cloud-hosted customers that lost funds in a "security incident" in March that saw its customers' hot wallets accessed. As previously reported by Cointelegraph, the ATM manufacturer issued a statement about a security incident on March 17 and March 18, which involved a hacker remotely uploading a Java application into its terminals and gaining access to sensitive information, such as passwords, private keys and funds from hot wallets. In a recent statement to Cointelegraph, the ATM manufacturer said have since been moving swiftly to "address the situation" and has made the decision to refund its "cloud-hosted customers who have lost funds." On March 17-18th, 2023, GENERAL BYTES experienced a security incident. We released a...