In March 2023, 3,627 cryptocurrency ATMs were removed from the network, marking the largest monthly decline in crypto ATMs. This reversal in the trend of increasing crypto ATMs comes after the net change of cryptocurrency machines installed and removed monthly had been positive for most of the decade since the first Bitcoin ATM was launched in 2013. The trend reversal, shown in data from Coin ATM Radar, shows that net crypto ATM installations declined for four months between September 2022 and March 2023.
The significant decrease in the overall number of crypto ATMs is noteworthy, especially when considering that January 2021 had the highest number of installations in a single month, with 2,048 ATMs installed. Nevertheless, there is a ray of hope as April saw an increase in installations, breaking the three-month-long decline by adding 37 crypto ATMs on April 1. Currently, the leading manufacturers of crypto ATMs are General Bytes, BitAccess, and Genesis Coin.
In March 2023, General Bytes lost customer funds in a “security incident” where customers’ hot wallets were accessed, leading to the shutdown of their cloud service. However, the company promised to reimburse customers for their losses and stated that they are working to prevent further unauthorized access to their systems.
