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<ul class="summary-list"><li>A lawyer for a heiress used her "like a human ATM," prosecutors allege. </li><li>The heiress Gretchen Valade's grandfather founded the workwear brand Carhartt.</li></ul>Carhartt heiress Gretchen Valade's longtime lawyer is facing trial over accusations that he embezzled millions of dollars from the philanthropist in her final years of life.The Michigan criminal trial of David Sutherland, an attorney who managed two trusts for Valade, began in Wayne County Criminal Court last week.During opening remarks on Thursday, an assistant attorney general accused Sutherland of using Valade of using her "like a human ATM," <a target="_blank" href="https://www.freep.com/story/news/local/michigan/wayne/2024/05/16/carhartt-heiress-gretchen-valade-lawyer-david-surtherland-embezzlement-trial/73687973007/">the Detroit Free Press reported</a>.Valade, a philanthropist and businesswoman whose grandfather started the Carhartt workwear company in 1889, died in December 2022 at the age of 97. She was known in Michigan as the "Angel of Jazz" for her work saving the Detroit Jazz Festival, <a target="_blank" href="https://www.michiganpublic.org/arts-life/2023-01-03/carhartt-heiress-and-detroit-arts-patron-gretchen-valade-dies-at-97">according to Michigan Public</a>.Sutherland was charged just weeks after Valade's death in 2023 with one count of conducting a criminal enterprise, two counts of embezzling more than $100,000, and one count of embezzling more than $100,000 from a vulnerable adult, <a target="_blank" href="https://www.michigan.gov/ag/news/press-releases/2023/01/11/wayne-county-man-accused-of-stealing-millions-from-client-arraigned">according to the Michigan attorney general's office</a>. The felony counties each carry a maximum 20-year sentence.Sutherland has pleaded not guilty to the charges. Attorneys for Sutherland did not immediately respond to a request for comment from Business Insider.The Michigan attorney general's office alleges that Sutherland issued himself a series of loans without Valade's permission from her 1982 revocable trust and her 2009 irrevocable trust, both of which he managed."Trust. That's what this case is really about. Trust and betrayal," Scott Teter, division chief of the financial crimes division for the Attorney General's Office, said during opening remarks last week, according to the Detroit Free Press.Teter told the jury that despite already billing Valade $19,000 a month for his services, Sutherland also secretly wrote himself two promissory notes for $5 million each from Valade's trusts, leaving "no note, no I.O.U., no nothin,'" the Detroit Free Press reported.Teter also accused Sutherland of using the stolen money to pay for two of his failing businesses, a Florida pizza franchise and a Michigan oil company, according to the outlet."Mr. Sutherland abused his authority as an attorney and trusted advisor to steal millions from a long-time client and must be held accountable," Michigan Attorney General <a target="_blank" href="https://www.michigan.gov/ag/news/press-releases/2023/01/11/wayne-county-man-accused-of-stealing-millions-from-client-arraigned">Dana Nessel said in 2023 press release</a>.

Heiress' lawyer accused of embezzling millions, using her like a 'human ATM'

<ul class="summary-list"><li>Tim Schultz won the lottery in 1999 while working as a gas station attendant when he was 21. </li><li>Schultz put himself through college and retired immediately, but some of his relationships suffered.</li></ul>This as-told-to essay is based on a transcribed conversation with Timothy Schultz, who won the Powerball Lottery in 1999. The following has been edited for length and clarity.A few months before I won the $28 million Powerball jackpot, I had a vivid dream that I'd already won. It felt so real that it convinced me it was going to happen. It was 1999, and I was a gas station attendant studying part-time at a liberal arts university in Iowa. I lived in my parents' basement, making minimum wage.I started playing the lottery once or twice weekly, buying a single ticket. I visualized winning and told people about it. They said, "Well if anyone's going to win, you're going to win."Then I did.<h2 id="83c01da3-25bd-4e46-ba56-a52c04edb744">After I won, I was walking on cloud nine</h2>I woke up to my father banging on my bedroom door on February 10, 1999, screaming that someone won the Powerball lottery. He asked whether I purchased a ticket. I immediately remembered telling several people I had the winning ticket the night before. I was frantic, rummaging through papers, and eventually found the ticket crumpled in a little ball. After unraveling it, I ran upstairs to the kitchen and compared the numbers to those in the newspaper.When they matched, it felt like I was still dreaming. My father hugged me, and we jumped up and down like kids in a candy store.I called my mom, who initially thought I was joking. We also called financial advisors and attorneys. They said to put the ticket somewhere secure and set up a time to redeem it at the lottery office; I felt like I was walking on cloud nine.A press conference announced I had won the $28 million Powerball lottery. After that, our phone was inundated with messages. People I knew congratulated me, but there were stacks of letters from strangers, some of whom asked for money.At the press conference itself, I felt like a deer in headlights. It was exhilarating and terrifying. I'd never been the center of attention for millions of people. However, part of me enjoyed it. I think it helped inspire my pursuit of broadcast news and podcasting.I'd always imagined what I'd do if I ever won: pay off debt and put myself through college, but I'd never thought about how it would change my life.<h2 id="8be9d71f-68ec-4d66-b0b1-140796a3c357">From gas attendant to millionaire</h2>Suddenly, I'd gone from a gas station attendant to retired at 21. I felt like I was holding a magic wand. Everything was possible, but I also wanted to be financially responsible.Before turning in the ticket, I consulted with wealth professionals to understand how much I could afford to spend and give to others. I helped many people but also wanted to live within my means.Before I received the money, I set up a plan with advisors to invest it. We invested conservatively so the returns could last me over a lifetime.But as a 21-year-old, the first thing I bought was the latest video game system. A luxury I couldn't afford before winning.I mostly invested in stocks, bonds, and mutual funds with my money. I helped my family, bought vehicles, and traveled. I went back to college to study film and broadcast journalism, a dream come true.<h2 id="f071edf5-4ab6-4c75-8f5a-2c3880ce9719">How it impacted my relationships</h2>I was a struggling college student, just like my peers, and then I became an outlier: the rich kid. At the time, I felt obligated to pay for friends' vacations, meals, or anything we did together. Most people didn't ask for money, but I felt that I could and, perhaps morally, should pay for them because I had won the lottery.People were supportive, but some treated me differently. Some tried to get closer to me, which made me feel like a walking, talking ATM. I constantly feared people didn't want to be friends with me for the right reasons. When people didn't change how they behaved around me, I knew I could trust them. I also had family and friends who seemed concerned about how wealth would impact me, which further cemented my trust.When you win the lottery, people don't view the money as something you've earned. A family member explicitly told me I got something for nothing by winning the lottery and should keep giving them and others money. I had to learn to say no to stay fisicially responsible. When I put my foot down, it damaged my relationships with some family members who I loved very much.After winning, I initially felt isolated and lonely. I had a really hard time opening up to new people. My dating life was better before I won the lottery. I moved to a different house in a new state because so many people knew my story, and I felt uncomfortable.It was a steep learning curve navigating the social aspect of winning the lottery. <h2 id="dc4cf922-5e27-4327-88fa-676337b036bc">How I spent the money</h2>Within the first year of winning, for fun, my friends and I threw a dart at a map and said we'd go wherever the dart landed. It landed in the middle of Canada, so we went on an outdoor adventure trip north.I retired instantaneously, but I've kept working on passion projects.After winning the lottery, I thought hard about what makes me happy. Sitting on a beach drinking margaritas is fun, but the novelty wears off.I needed a reason to wake up in the morning and a goal to achieve. That is why I went back to college to earn a degree, work on several productions, and pursue my desire to entertain and inspire people positively; I love it, and it drives me.I produced a documentary and a couple of animations, helped with other people's independent films, and created a film festival. I also started my <a target="_blank" href="https://www.youtube.com/@TimothySchultz">"Lottery, Dreams and Fortune" podcast</a> where I interview other major prize and lottery winners. It's very cathartic for me to meet and interview people and understand their lottery journeys.These days, I spend most of my free time working on my podcast and YouTube channel or exercising. I'm typically running, lifting weights, or training if I'm not producing a video. YouTube brings in some money, but I can live off my investments.<h2 id="c1f3f5a3-156e-48ce-abf4-11c6ef7c227a">Reflecting on his win</h2>People ask all the time, "Does money buy happiness?" Money doesn't necessarily change who you are. It can affect happiness by buying time, providing opportunities, and alleviating stress about debt. But it doesn't change who you are. Some very wealthy people are very unhappy as well.I wish I had invested in bitcoin a few years ago, but that's my only regret about how I've spent the winnings. Shortly after winning, I purchased new vehicles and other big purchases. These days, I don't buy anything too crazy. Like many people, I live within a budget. If you win hundreds of millions, your budget could be quite different. It's all relative. I am just grateful for what I got.At 21, I had no idea what to do with that kind of money and was lucky I sought professional guidance. I didn't want to become a statistic of lottery winners going broke within a few years.While I didn't have a choice in 1999 whether I wanted to claim the prize publicly, knowing where I am now, I wouldn't do it differently. I have spoken to media outlets and can talk about my experiences publicly. But if I were 21 now and had the option, I would consider claiming the prize anonymously, especially if it was a large prize. You never know what impact that would have on your life.When you win the lottery, your whole world instantly turns upside down. I encourage people to play responsibly; it only takes one ticket for a chance, but anything is possible.

I became a millionaire at 21 after winning the lottery. It changed my life, but I sometimes felt like a walking ATM. 

<ul class="summary-list"><li>As a police officer, Paul Alex decided he would be better off by investing in cash-flowing assets.</li><li>He initially bought six ATMs and scaled to 30 with the profits he earned. </li></ul>Paul Alex entered the police force as a trainee with the plan to build a career in law enforcement in the San Francisco Bay Area.Alex, 35, hit the ground running, eventually becoming a detective in the narcotics task force before being assigned to the special victims unit. By 2020, he had scaled his way up to a salary of $133,000, with benefits bringing him up to an annual salary of over $272,000, according to California state archives viewed by Insider. While his career set him up for financial stability, his weekly working hours could range from 60 to 100 hours."I didn't have any personal freedom," Alex said. "I was neglecting my personal life. I wasn't hanging around my family who I love. I'm a big family guy. And at the end of the day, I realized, this can't be life."The deeper realization that a salaried career wasn't going to be his future was during periods when overtime was paused, which would cut his pay drastically, he said. Some months, his biweekly paycheck would be $2,000 after deductions. This meant he always had to save for those low months to cover his bills, which could range from $5,000 to $6,000 a month, he said. "What really was a morale killer was the fact that you want to move ahead in life. And I feel it kept you static when that happened," Alex said. He decided that investing in cash-flowing assets would be a way out of the paycheck volatility. He could then use his salary for discretionary purchases such as vacations, cars, and additional investments. He initially considered real estate but felt that it would require a lot of cash and a mortgage that would create more debt. Plus, he believed that the overhead expenses of maintaining a property would add to his stress. He'd have to hold any rental income in cash in case he had to cover the mortgage due to missed rent or repairs. In 2017, Alex came across the idea of investing in ATMs through a colleague who had been researching the business. He began joining social media groups about it, watching YouTube videos from others who had done it, and reading any material he could. It was a business model that was out of his comfort zone because he knew nothing about it. But the draw of it was that it had a low-cost barrier to start; relative to buying real estate, an ATM could cost less than $3,000. It also had lower risk because if the ATM wasn't generating a return, he could relocate the machine, which he refers to as a floating asset. And finally, it was a quick way of starting a side hustle because once a machine was placed on location, it could start generating a profit almost immediately. Alex decided to pursue it as a side hustle in 2018. By March 2021, he had left the police force and made it his full-time job where he provides the ATMs for those who also want to embark on this business. From January 2021 to April 2023, Alex's profit and loss statements viewed by Insider show a total sales of $12 million and a net profit of about $3.5 million for his company ATMTogether, a provider of ATM machines and services. His company Merchant Task Force, which provides credit-card terminals, shows an income of $844,000 and a net profit of $742,000 for the same period. <h2>Scouting locations</h2>In 2018, Alex took two weeks off from work and used that time to scout the city for ideal locations. He looked for high-traffic areas that had an incentive to have an ATM on site. This included tourist areas and city spots that were populated with nightclubs, restaurants, and valets to target zones where staff was tipped. He also looked for small businesses that offered cash back at checkouts, which was a nuisance to the business because they had to be sure there would always be enough dollar bills in the register. Alex would pitch the businesses as though he was offering a service. He would be responsible for providing and maintaining the machine at no charge to them. He recalled cold calling over a hundred businesses and physically walking into over 20 locations. "When I started this and I had gone out there and I was getting nos and yeses, wins and losses, It was very difficult for me to go back to work and not think about my business. And I think that's what caught me, was just the fact that I was growing something for myself and I wanted to continue to grow it."He initially had the idea of starting with three ATMs but by the time he was done, he was able to secure six locations: three liquor stores, two barber shops, and one nail salon in the San Francisco Bay Area. The first three were incentivized by cashback and the last three by cash tips. Once the machines arrived on location, he loaded each ATM up with about $2,000 to $3,000 in cash.Not every location was a grand slam. Alex noted that a decent minimum return on an ATM should be at least $200 a month per machine. Within the first month, Alex could already tell that the only three machines producing a return were the ones he placed at the liquor stores. They had a net profit of about $250 to $500 a month per location from fees charged for withdrawals. In contrast, the lower traffic locations were only producing $25 to $100 a month. He let the machines sit for two months before deciding it was time to move them. Alex also found a mentor from Facebook who was successful in the business. Based on his mentor's advice, he moved the three machines to two convenience stores and another liquor store. From there, they began to bring a net profit almost immediately, with the highest return being $600 a month, he said. He suddenly had six operational machines that brought in roughly $3,000 a month in net profit, he said. It took him approximately six months to get a return on his investment. <h2>Funding the businesses</h2>While Alex had enough cash saved to purchase the machines, he realized he would need the bills to stock the ATMs. So instead, he signed up for two personal credit cards and used them to buy the hardware, he said. They were cards that specifically offered zero-interest for the first 12 months, he noted. This would give him enough time to create cash flow without incurring interest every month. When he purchased his first set of six machines, Alex assumed he got a good discount, which was $2,100 an ATM. He would later realize it was a bad deal because it required him to pay a 30% commission from the fees his ATMs charged. While the sales agent he worked with told him it was standard practice, he later realized it wasn't the only way. The next set of machines would be purchased from his mentor. They were both new and refurbished and cost between $1,800 to $2,200 depending on the model. Additional costs for the ATMs included an internet wireless modem for $150, a monthly internet charge of $6.99, and installation by a technician of $300. Alex would gradually use the profits from his ATMs to buy more machines. And by 2020, he had accumulated 30 ATMs across the San Francisco Bay area that were operative. Each brought in anywhere from $250 to as much as $1,500 a month in net profit.Altogether, these little assets cash flowed anywhere between $9,000 to $12,000 a month in net profit, he said. While his side hustle didn't make up for his salary, he was fully able to cover his bills with the profits. This was enough to make him want to leave his job in 2021 to build a business in this sector. During this time, he met an ATM provider who he partnered with and they scaled to become a provider of ATMs. This allowed him to sell off his machines so that he could become remote. Even while in the act of building his side hustle, Alex still had doubts running through his mind. The chatter from those around him kept him questioning his ability to carry this through. Some of his colleagues thought it was a bad idea to invest in an unknown business and told him he should just pick up extra hours instead. In hindsight, he's glad he kept going. "Invest in yourself. Self-education is everything," Alex said reflecting on his journey. "All this started from a friend of mine, giving me an idea, and then me taking that idea and doing my due diligence and just researching it, buying books, watching videos, reading, reading, reading to the point where I was comfortable enough to execute it on my own." This story was originally published in June 2023.

How an ex-police officer made $12 million in 3 years after buying ATMs for $2,100 and operating them as a side hustle

<ul class="summary-list"><li>Some thieves are stealing vehicles, from cars to backhoes and driving them into stores that they want to rob.</li><li>Thieves use the tactic against high-value targets, such as guns or cash-filled ATMs.</li></ul>Some <a target="_blank" href="https://www.businessinsider.com/how-major-retailers-are-beating-rise-in-retail-theft-2023-9">thieves who target retailers</a> are stealing vehicles and smashing them through storefronts in a twist on retail theft known as "ram raiding."The practice involves targeting stores that have high-value items inside, such as guns, the <a target="_blank" href="https://www.wsj.com/us-news/brazen-burglars-are-crashing-vehicles-into-stores-04a3ebcf">Wall Street Journal reported on Saturday.</a> But some thieves aren't looking to steal merchandise at all: Instead, they steal ATMs inside of stores to break into them and steal the cash.That's what happened earlier this month in Oakland, California, when <a target="_blank" href="https://www.businessinsider.com/shoplifting-getting-worse-depends-data-new-york-san-francisco-2023-11">thieves</a> drove a backhoe into an ampm convenience store, according to the Journal. They then reportedly used chains to haul the ATM away. Another example saw several thieves use the same strategy to steal firearms from a gun shop in Missouri despite the store's steel reinforcements and other measures designed to deter robbers, the Journal reported.In San Francisco, police found two suspects last month who allegedly drove a vehicle into a Christian Dior store in the city's Union Square. The suspects allegedly worked with others to take handbags and other luxury goods from the store before they fled the scene, according to <a target="_blank" href="https://www.sfchronicle.com/crime/article/ram-raiding-theft-retail-18422842.php">the San Francisco Chronicle.</a>While there are no statistics specifically on ram raiding, the practice appears to be more common now than in the past, the Journal reported. "It's in the news more because it's happening more," John Ham, a spokesman for the Bureau of Alcohol, Tobacco, Firearms and Explosives told the Journal. He added that ram raiding is something that the Bureau is "watching nationwide."Some retailers have said that <a target="_blank" href="https://www.businessinsider.com/retailers-lost-112-billion-to-inventory-shrink-in-2022">theft at their stores has risen</a> over the last few years and is affecting their businesses. One of the most high-profile examples came in September, when <a target="_blank" href="https://www.businessinsider.com/target-closing-nine-stores-across-four-states-citing-retail-crime-2023-9">Target decided to close nine stores</a>, citing theft and related violence.But gauging the real impact of retail theft on retailers' stores and broader business is tough. Few companies provide detailed <a target="_blank" href="https://www.businessinsider.com/stop-blaming-theft-shrink-target-walgreens2023-11">data on how much theft hurts their bottom line,</a> for instance.And several of the stores that Target is closing aren't notable for shoplifting or violent robberies, an <a target="_blank" href="https://www.businessinsider.com/target-closing-stores-due-to-crime-stats-tell-another-story-2023-10">Insider review of crime data suggests.</a>

Thieves are crashing cars and construction vehicles into stores to steal ATMs, guns, and luxury handbags in a theft phenomenon known as 'ram raiding'

<ul class="summary-list"><li>In the past few years, Germany has become a hotbed for ATM bombings, the Financial Times wrote.</li><li>That's because Germans still favor cash over electronic payments, making ATMs ripe targets.</li></ul>The German preference for physical currency may be costing the country dearly, as Europe's largest economy has seen an explosion in crime that features ATM bombings, <a href="https://www.ft.com/content/5a03b08d-dc7e-4115-b6aa-139e1ec39b99" target="_blank" rel="noopener">the Financial Times</a> reported. While Germans have long favored buying things with cash instead of cards or other form of electronic payments, organized criminals have exploited this habit in the last few years.Last year, 496 ATMs were blown up as part of cash-grab heists, a 27% increase from 2021, the Federal Criminal Police Office told the FT. On average, such raids could yield 100,000 euros, equivalent to $110,686.5.That translated to 30 million euros that were stolen via ATM bombings last year, up 53% from a year earlier.More than half of Germans prefer physical banknotes over cards or digital tender, meaning that the country has over 55,000 ATMs filled with high-denomination euros. For the culprits, it's a unique target, as other European states undergo a decline of cash machines.Though no one has been seriously injured or killed during these bombings, they are not risk-free ventures, FT wrote. Often, the culprits themselves get hurt in the explosion, while the car ride away is characterized by high speeds and the risk of fiery collisions. It's a danger made worse by fuel canisters the robbers carry for refueling, which also discourages officers from shooting at the vehicle.The German response has been largely fragmented. Efforts to implement effective ATM and law enforcement standards are diluted by the fact that Germany has over 1,500 lenders, while each province leads its own policing task force.And while countries such as the Netherlands have implemented protection systems that glue cash together in the case of a raid, this hasn't been carried out in Germany over health and safety considerations.Meanwhile, attempts to fortify ATMs against earlier types of detonations were thwarted when the criminals switched to different explosives, according to the FT.Still, some success has occurred, with police groups in one province learning to analyze potential escape routes as a way to prepare. And prosecutors of those captured are also starting to add attempted murder charges as the explosions put nearby residents in danger.

German ATMs keep getting bombed as a crime wave exploits the country's preference for cash

<ul class="summary-list"><li>Germany has a disproportionately high number of ATMs, as locals prefer to use cash to bank cards.</li><li>Thieves are taking advantage of this, blowing up the cash machines to steal money.</li></ul>Exploding cash machines are becoming a familiar sight in Germany, as a wave of crime has hit the country, <a href="https://www.reuters.com/world/europe/cash-loving-germans-fret-over-exploding-atms-cross-border-crime-wave-hits-2023-04-14/" target="_blank" rel="noopener">Reuters reported</a>.The town of Ratingen, near Düsseldorf, saw two such explosions on the same day last month, as thieves targeted one Santander bank branch and one Deutsche Bank branch.But the problem has spread around the country, with the Federal Ministry of the Interior saying that there were 496 ATM explosions across Germany in 2022, <a href="https://www.capital.de/wirtschaft-politik/rekord-bei-geldautomaten-sprengung--politik-erwaegt-gesetz-fuer-banken--33120320.html#:~:text=2022%20hat%20die%20Zahl%20der,die%20Zahl%20mehr%20als%20verzehnfacht." target="_blank" rel="noopener">according to German news outlet Capital.</a><a href="https://www.bundesbank.de/en/press/press-releases/payment-behaviour-in-germany-in-2021-894120" target="_blank" rel="noopener">Cash is king in Germany</a>, and many Germans prefer to use it over bank cards. The country has 53,000 ATMs, per Reuters, and investigators believe that this, as well as Germany's highways, or Autobahns, much of which have no speed limit, are why the thieves are targeting the country.According to Reuters, investigators believe Dutch criminal gangs are likely to be behind the attack, stealing money from machines before speeding away to the Dutch border.As such, the North West of Germany is seeing the majority of these attacks, with the the state of North Rhine-Westphalia on the receiving end of 47 incidents so far this year, Reuters reported.According to a 2021 study by the <a href="https://www.bundesbank.de/en/press/press-releases/payment-behaviour-in-germany-in-2021-894120">Deutsche Bundesbank</a>, respondents in Germany used banknotes and coins to make 58% of their payments for goods and services.This is in stark contrast to the USA, where only 14% of people use cash for most or all of their payments, according to the <a href="https://www.pewresearch.org/fact-tank/2022/10/05/more-americans-are-joining-the-cashless-economy/" target="_blank" rel="noopener">Pew Research Centre.</a>

Thieves keep blowing up ATMs across Germany as they target the cash-obsessed country

<ul class="summary-list"><li>A small city in North Dakota is expanding into the $2.5 trillion cryptocurrency world by installing a crypto ATM as its airport. </li><li>Travelers and non-passengers will have access to the machine to sell or buy more than 40 cryptocurrencies. </li></ul>Williston, a small city in North Dakota, is planting its flag in the massive $2.5 trillion <keyword id="11994583" type="UNKNOWN" weightage="60" keywordseo="cryptocurrency-market" source="Orion">cryptocurrency market</keyword> by installing a crypto ATM in its airport. People passing through and working at the Williston Basin International Airport will be able to buy and sell <a href="https://markets.businessinsider.com/currencies/btc-usd">bitcoin</a>, dogecoin, Shiba Inu, and at least 37 other digital currencies at what city officials say is the first "government-hosted" crypto kiosk at a US airport. "This is an ambitious step in introducing and engaging the public towards cryptocurrency while proactively playing a role in building the digital ecosystem," Hercules Cummings, the finance director of the City of Williston, <a href="https://cityofwilliston.com/news_detail_T18_R1155.php">said in a statement</a>. Williston had a population of a little more than 29,000 in 2019, according to US Census data. The city is located in part of the Bakken formation which is well-known for deposits of oil and natural gas. "Although we are a smaller rural community, we are making an impact. Taking this small step may pave the way for other government and commercial entities to follow suit," he said. The move builds on the city's previous work in embracing cryptocurrency, whose market capitalization recently topped $3 trillion for the first time. Williston in May began accepting cryptocurrencies like bitcoin as payment for utility bills, according to <a href="https://cointelegraph.com/news/city-in-north-dakota-now-accepts-cryptocurrency-for-utility-payments">a Cointelegraph report</a>. Cummings told the news outlet that Williston was the first municipality in North Dakota and the third in the country to offer such a service. The move was made in partnership with BitPay, a crypto payment firm.Cummings said the airport's so-called digital currency machine can serve people who prefer not to use their bank or debit cards or who don't have access to traditional financial services. Ticketed passengers and non-travelers will have access to the machine as it will be placed before a secured area. People can also use the machine to withdraw cash from their digital wallets.The airport ATM project is in conjunction with crypto services provider Coin Cloud, according to the statement.

A small city in North Dakota is jumping further into crypto with the installation of the first government-backed ATM in a US airport

From 5G connectivity to Gold ATM: Top science and technology milestones in India in 2022

<ul class="summary-list"><li>A new report by the GAO delved into the role digital currencies play in facilitating human trafficking and drug dealing.</li><li>The watchdog found that virtual currencies are increasingly being used illicitly to facilitate human and drug trafficking.</li><li>The GAO report pointed out a loophole in regulations that cover <keyword id="11893898" type="UNKNOWN" weightage="60" keywordseo="crypto" source="Orion">crypto</keyword> ATMs that could aid illicit activity.</li></ul>The US Government Accountability Office warned digital currencies are increasingly being used illicitly to facilitate human and drug trafficking — and highlighted the role crypto kiosks may play.In an 84-page <a href="https://www.gao.gov/products/gao-22-105462">report</a>, the watchdog agency pointed out a loophole in regulations that cover the kiosks, which are more colloquially known as crypto ATMs. The Financial Crimes Enforcement Network (FinCEN) requires crypto ATMs to register, but it does not require them to routinely report the specific locations of their kiosks."This limits federal agencies' ability to identify kiosks in areas that have been designated as high risk for financial crimes and could involve human and drug trafficking," the GAO report said. Another factor that aids human and drug trafficking is the degree of anonymity afforded by crypto transactions in domestic and cross-border payments, which makes tracing illicit transactions challenging.The GAO analyzed data, reviewed documentation, and interviewed relevant officials at selected agencies from February 2020 to September 2021. Data from <a href="https://coinatmradar.com/charts/top-operators/united-states/">CoinRadar,</a> as cited by the GAO, showed over 260 kiosk operators in the US that are running more than 30,000 crypto ATMs. <table style="border-collapse: collapse; width: 100%;" border="1"><tbody><tr><td style="width: 100%;" colspan="4">Estimated number of US crypto operators based on GAO analysis of FinCEN data</td></tr><tr><td style="width: 10.0843%;">Year</td><td style="width: 28.6316%;">Registered kiosk operators</td><td style="width: 32.9118%;">Known unregistered kiosk operators</td><td style="width: 28.3723%;">Total kiosk operators</td></tr><tr><td style="width: 10.0843%;">2018</td><td style="width: 28.6316%;">87</td><td style="width: 32.9118%;">104</td><td style="width: 28.3723%;">191</td></tr><tr><td style="width: 10.0843%;">2019</td><td style="width: 28.6316%;">113</td><td style="width: 32.9118%;">100</td><td style="width: 28.3723%;">213</td></tr><tr><td style="width: 10.0843%;">2020</td><td style="width: 28.6316%;">164</td><td style="width: 32.9118%;">133</td><td style="width: 28.3723%;">297</td></tr></tbody></table>The report, first released to the public Monday, made one recommendation each to the IRS and to FinCEN and urged the two to work together.First, the IRS should review the money services business registration requirements for virtual currency exchanges. And second, FinCEN must require crypto ATMs to submit the locations, including physical addresses of the kiosks they own or operate, upon MSB registration."The increasing use of advanced obfuscation techniques makes blockchain analysis difficult and resource intensive for US agencies," the report said. "Criminals are getting more sophisticated and using anonymity-enhanced tools or methods to obfuscate illicit transactions when facilitating criminal activities, including human and drug trafficking."

A US government report urges tighter rules around crypto ATMs to clamp down on human trafficking and drug dealing

<ul class="summary-list"><li>Bank of Ireland customers were able to withdraw beyond their account limits due to a technical glitch.</li><li>Some people with low balances were able to take out 1,000 euros ($1,090) in cash, per The Telegraph.</li></ul>Bank of Ireland apologized after a "technical issue" meant some customers were able to withdraw cash beyond their account limits on Tuesday.Some people with low balances were able to take out 1,000 euros ($1,090) in cash, <a href="https://www.telegraph.co.uk/world-news/2023/08/16/bank-of-ireland-atm-1000-euros-gardai/" target="_blank" rel="noopener noreferrer">The Telegraph</a> reported.While a glitch in Bank of Ireland's app allowed people with no money to transfer up to 500 euros, per the <a href="https://www.independent.ie/business/personal-finance/bank-of-ireland-warns-money-withdrawn-during-it-blunder-will-be-debited-as-online-services-restored/a510070628.html" target="_blank" rel="noopener noreferrer">Irish Independent</a>."We sincerely apologise for the disruption this outage caused – we know we fell far below the standards our customers expect from us," Bank of Ireland said in a statement shared with Insider."We are aware that the technical issue meant some customers were able to withdraw or transfer funds above their normal limits," it added.Videos shared on social media showed huge queues forming in front of ATMs in Dublin and other Irish towns.And in some towns the lines were so big that the Gardaí, Ireland's police force, had to help control them, the Irish Independent reported. Some police were also filmed guarding ATMs, per <a href="https://news.sky.com/story/bank-of-ireland-glitch-allows-customers-with-no-money-to-withdraw-funds-from-atm-12940919" target="_blank" rel="noopener noreferrer">Sky News</a>. A spokesperson for the police force told <a href="https://www.rte.ie/news/business/2023/0816/1399974-bank-of-ireland/" target="_blank" rel="noopener noreferrer">RTE</a> this was carried out on a "case-by-case basis" and that "local decisions were made depending on the public safety and public order."Bank of Ireland warned customers that the transfers and withdrawals will still be applied to their accounts. It urged customers "who may find themselves in financial difficulty due to overdrawing on their account to contact us.""Yesterday a technical issue impacted a number of Bank of Ireland's services. Our teams restored these services overnight," the statement added. "Overnight payments to accounts may appear throughout the day and the app may be slow today as we continue to catch up in processing payments."

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