Honestly, I thought it would end differently. Provided he had to use ATM every night transferring more and more money, I thought it would end with him being in debt for a lot of money.
@@jordanlaquey5325 the interest in savings account is almost nonexistent. He would be better to invest it somewhere else and he could have paid the bank back
@@theneonbop That 200,000 must be a negotiated settlement his lawyers might have reached with the bank, says nothing about how much he paid the lawyers though!
He should made some investments in to rental property and paid off what he owed. Banks leverage our money all the time, he should have taken his opportunity like he did before when he found out
@@ChickenPizza The house always wins in the long run, not necessarily in the short term. Therefore he can gamble increasingly large amounts until eventually he wins. This works for him because he has unlimited funds
@@ChickenPizza @dab_u the house only wins if the money you are spending is yours. If there is a virtually unlimited amount of money you can double down with, at some point you will get out with a plus.
@@user-op8fg3ny3j it still is infinite as there are no limits. Yes he does need to pay the money he took couple days later but he can come back the very next day and take out a bigger cash. The money he’ll borrow will exponentially grow but he can take out as much as he wants (until he gets caught or the bank finds out) BUT THE BANK NEVER NOTICED THEREFORE THE WHOLE PROCESS IS INFINITE AND CAN USED BY OTHERS AS WELL.
I can't imagine how much stress and anxiety built up while he was waiting for it to inevitably all come down around him. I think he turned himself in so that he could have a clean slate and rest well knowing that he didn't have to worry about getting found out
Reminds me of the guy who was sentenced to 13 years for a robbery, but was never taken there. He waited, supposedly even asked about going to prison (not sure who he asked) but they didn't notice until 13 years later, I guess when they went to let him out they found he wasn't anywhere on the inside. After a year in prison he was credited for time served for all 4,794 days from conviction to arrest. Because he was found to have turned his life around wife&kids&job etc, rehabilitated himself like prisons claim to be able to.
That twist ending! I wouldn't have pressed for jail time personally but I wonder if anything like a book or movie deal would off-set that. If it did he's still good.
@Safwaan Even better: invest the money in stuff, like real estate or stocks; keep taking "loans" from the ATM until your investments reap huge benefits, then simply pay the bank back in full without anybody realizing a thing. Boom, you're rich and you didn't even work or risk anything for it.
@@kevinboros7427 High-yield investments also have proportionally high risk. It's just as likely if not more likely that his investments would fail and he would be out more money than he could withdraw from the ATMs. In the end, he got away with a lot anyway. He spent $1.6 million of the bank's money and only had to pay back $200,000. You would have to decide for yourself if a $1.4 million spending spree is worth a year in jail, but I think most people believe it is. And if he had kept his mouth shut, maybe he could have kept all of it (though by doing it this way, he doesn't have to look over his shoulder for the rest of his life).
@@DANtheMANofSIPA No book or movie deal _yet._ I think we could get character actor Brad Pitt to portray him in a movie in the style of Catch Me If You Can.
Similar story: Few years ago in Russia, bank send email to their client with pdf contract about credit card we have to print, sign,and mail back to them. He was not happy with "small font" (things like how much money he should pay every month and things like this) and he changed all numbers to 0, sign and sent contract, and bank verified it. And he started spending a lot of money, not carrying about debt or anything, because (according to him modifications to contract) - he didn't have to pay them anything and there was no limit to how much money he could spend. Bank realized their mistake of "not reading small font" only when they asked from him to pay his debt months later. I don't know how that ended.
I kinda remember hearing about that. If I recall, the bank tried to take him to court for fraud, but the court found in his favor, as he "negotiated" new terms with the bank, which then accepted those terms by issuing him an account. He didn't even have to pay back the money he had spent because he had written some such clause into the contract. The judge ruled that the bank couldn't force someone to do something that the bank wanted because the bank didn't read the terms and conditions of their own contract.
I used to do this in the early 80's. ATM's would go offline in the early evening while the books were balanced but the machine would still give you cash up to $300 without checking your balance. I would frequently "float" a bit of cash until I was paid the next day without a penalty. The secret was figuring out what time you could do this as the machines wouldn't tell you directly. I figured it out by always asking for my balance first. If the balance was unavailable that meant the ATM was operating in offline mode so it was time to "borrow" some cash. Different machines had different times to be offline and I had several I figured out the schedules on. That went on until the 90's.
It honestly probably still works, except the window of opportunity is likely one to three minutes rather than hours, and probably only once a week unless it's a high volume ATM.
@@CynicalDriver It's not related to the ATM itself, rather it's the underlying bank's system not being able to confirm available funds to the ATM's request due to nightly processing/validation of the day's transactions. Having worked in the industry in the 80's/90's I had to deal with many customers who either exploited the situation to withdraw funds they knew they didn't have, and others who were confused/angry that the bank let then withdraw funds they didn't have in their account and then proceeded to charge them overdrawn fees and interest.
But presumably, you just got it in advance and had to pay it back when you could, correct? That's what the video is not explaining well at all... on the day he stops going, he owes back exactly as much as whatever he took last time...
I wonder how many more stories there are out there like this one, only we never heard about them because they ended with the bank, or whoever was losing money, simply saying "ok, we don't want this embarrassing incident to get out, so we will not press charges so long as you _don't talk_ "
Lol there are this one time when i got this sweepstakes looking check in the mail for like $300 15 years ago( with inflation it was worth more ), i went to the credit union to cash it.. they cashed it and they sent me a nasty letter a full week later, saying i owe the money(Yes, it took them that long, i had to pay it but they didn't press charges or anything, they were embarrassed since the check looked obviously fake. I didn't think they would cash it for me.
So this was, in essence, the 21st century version of playing the float. For you young 'uns, playing the float was a technique that was used back in the Dark Ages to get short-term interest-free loans. It depended on the time it took to physically move checks between financial institutions. The float usually ran three or four days but, with judicious choice of banks, it could be as long as a week. When electronic check clearing became a thing (the 1980s?) the float ceased to exist, alas. DISCLAIMER: I can neither confirm nor deny that I was ever involved in such an enterprise. Besides, it was many statutes of limitations ago.
In the States that was a thing until the early 2000s, the George W Bush administration made it that checks no longer needed to be physically handled to be processed. With the maturation of the internet it was possible to use images instead and reduced the processing time to a day or two depending on the institution.
It would probably have been best to think of that money as a no interest loan, invest it somewhere else in an account not affiliated with you. Then hopefully you could have paid back the $200,000 fine and had a vested asset making you money afterward.
Except they'll discover it. The only thing you can maybe do is buy gold and hide it somewhere. Unfortunately he did this in 2011, not the best time to buy gold.
New Zealand had something like this happen about 12 years ago. $6 million was stolen and transferred to China. The theives fled to Hong Kong and it took a couple years to get them extradited back to NZ.
He lived the peak of his life, and he actually confessed. 1 year and 200k is reasonable. Still though, he probably could've went further with this and still get that amount of jail time.
Dude he coulda payed a bit more and never do jail time. Tbh I’ve seen much worse (white collar) crimes and the toughest sentence was a fuck ton of community service.
@@fluffyjello 1 year and 200k was a bit of punishment. Dude coulda payed $500k and some community service, I guess the guy wanted to see the inside of a jail.
@@chancellorasher9417 I think the point of his stunt was more so to bring attention to this security vulnerability in the bank. If he got convicted for a crime over it then it would have to be in the legal records and the bank would be forced to do something about it.
Not all countries have ridiculously long prison sentences like the US. In many countries getting prison time at all is rare, idk about Australia but for example in Denmark the max possible prison sentence is 16 years and that is only for the absolute worst.
It caught up to him when he stopped taking more money out . I don’t think there is a cap because the banks don’t even keep that large amount in their vaults at any one time
He should have kept taking until he was billions of dollars in debt to the bank. As they say, when you owe a million, the bank owns you. When you owe a billion, you own the bank.
Local Australia man crashes central banks and entire world economy with infinite money glitch, bringing a new era of peace Definitely missed opportunity, dude might've had the entire world by the fucking balls and didn't capitalize on it
Exactly also this infinite money glitch can be done with different accounts as well. He could have done it with multiple accounts (tho it’ll most likely get a red flag).
Back in the 90s, a similar thing was possible with a small Australian credit union on their regulat ATM cards (pre visa-debit), essentially if you had between 1c and 9c in your account, any transaction would approve via EFTPOS and yet, your account balance would never drop or go into the red, nor would the transactions show on a statements. Once they swapped to using Maestro and Cirrus, it no longer worked
I've got an idea for being a small-time Australian bank robber. About 30 years ago, the country withdrew its 1c and 2c coins from circulation, inflation having made them worthless. So all cash transactions have to be rounded to the nearest 5c. But check or card payments still deduct the exact amount from your account. So, all you need to do to get free money is to write a 3-cent check to "cash" and take it to your bank. They'll have to give you 5c in cash, so you'll make 2c profit on the transaction. Repeat an absurdly large number of times until you can actually afford to buy something.
I working in banking and can confirm that this still technically works...to and end. in order to not cancel out any stores, your card works offline. this is despite having no money, blocked your card, or anything. the only way to stop it is if the expiration date has passe + a few days as cards come with whats called a grace period, meaning your card still works a few days after expiring. here's the catch, ATMs (and Banks) are slow, but they log EVERYTHING. the time and date ATMs goes offline varies. some goes offline more often then others. and before you go trying this, most countries have a offline limit that is only nullified once card has gone through another online transaction (this also varies) the limit is often around 250$ a day, or 2500$ a month (30 days)
@@peytondailey6108 I dont work in the states. but wouldnt suprise me. The states are quite far behind in banking. they normally do the maintenance somewhere between 1 and 5 AM. but when exactly is difficult to say. each ATM is maintained and installed by different banks, so it all depends.
I’ve found a number of cards in the UK refuse to validate offline transactions, while others allow it. Both kinds say Visa Debit so it must be a bank policy.
I would have went mad with power, lobbying governments to fix issues, investing in affordable housing projects, setting up charities to help the homeless, ya know, real super villain stuff
A smarter and less scrupulous man would have treated it as a no interest loan and invested the money to gain a profit and pay back the money he took in the process. The hardest problem there would be that just like a real bank you would run out of sensible investment strategies and start investing in subprime options.
When I was 12 (way back in 2000) I had a child savings account complete with a real debit card. One day I was showing off to my friends by getting money out like an adult. Then I saw the deposit envelopes and immediately made a “deposit” of $1000 and inserted an empty envelope. This allowed me to withdraw $100 which was the amount they gave you in trust of your deposit being legitimate. I spent the money on Pokémon cards and Chinese food for 4 of my friends and forgot all about it. About 1 month later the bank sent my parents a letter saying I defrauded them complete with atm camera snapshot of me. I tried to lie and say I didn’t do anything wrong, but my parents knew the truth. They paid the bank back and punished me for it. Later on in life, they told me they were in some way “proud” of me for outsmarting the bank, I did wrong, but they found it ingenious and wondered why a child savings account would even allow $100 to be withdrawn before a deposit was verified, now at 34 I feel the same. Who gives that kind of responsibility to a 12yo? My parents and the bank were just as much at fault, kids do dumb things lol.
I had a classmate who was a pathological gambler. He would dispute losses on his credit card and quickly gamble more, hoping to win back the money before the dispute got kicked back. His financial life was a mess, he was constantly on the phone disputing stuff and then he would swear to win it back before the dispute fell through.
This was common in Australia, used to finish work and go to the 24h shopping centre and there was always one or two people waiting until "the bank closed". They said they were able to withdraw $50 for free most nights and it would be possible sometime between 1am and 3pm, once the bank went offline to stop customers from being blocked from withdrawals, they would apparently allow a $50 transaction during this time, that never got deducted from the customers account.
This was happening in the 80's when I was running the ATM's for our bank. We had one customer who did something similar and would constantly show up as insufficient funds, even though he was given them money...because our ATM's were offline late at night. We would call, but he would never return our calls, so I manually went in and put a memo hold of a million dollars on his account. When he tried the stunt again, it didn't go thru, and when he checked his balance, the memo hold was reflected, showing him overdrawn by a million bucks. That time he called US instead of the other way around.
@@Marvinzum nope. it didn't cause any checks to bounce, although it did slow down the processing of his checks, which oddly, was a benefit to him. IT did get his attention though.
Ok, not half as interesting, back in the 80’s there was this computer game based on monopoly. If you were short on money, you could borrow from “the bank”, at a high interest rate, due in 2 or 3 turns. But if you borrowed a negative amount, the game allowed it. Your account balance would go negative for 2 or 3 turns but then you’d repay the negative loan and essentially collect interest on money you never had. By entering an obscenely large negative loan amount, you could earn $1M easily, in a game where the most expensive thing might be $800. Yeah, like I said, not “half as interesting” as the guy who floated money in real life, but I did wonder back then if computer programmers didn’t account for negative transactions, then if an actual bank (later available with online access) might accidentally allow you to take out a real loan for a negative dollar amount. Btw - the guy who was floating money daily at the ATM, how did he go on trips out of the country. 🤔
@@stephen3164 hmm I guess you've found an inconsistency with this video, how did he leave the country if he had to take money out daily from a singular atm? I don't know. apologies, I thought you were asking a different question
I would hate to be the IT guy responsible for that bug... Then again, banks are technologically so far behind they probably don't have "git blame". So he's probably safe
Allowing the atm to do transaction offline and then having a system to verify it later, means this was not a bug but a deliberate decision. Also this can only by an exploit if you do it everyday forever, once you stop the balance will account for all money taken out. I'm more curious about how an atm could make such huge transfers, there should be some limit, especially while offline, that was the main issue.
Exploiting a loophole should not be criminal. If a company or institution intends on doing something a certain way, they should codify it accordingly. Any lapse in that procedure cannot and should not be used as an argument for fraud.
He was technically having unlimited one day loans, he still had to pay the loan the next day with another loan, the problem is that he spent the money and then stopped doing it, basically owing the bank the money he spent. I believe that was the part that got him into trouble, not the loophole itself.
Using one loan to pay another loan is literally the definition of a Ponzi scheme and it is definitely illegal. Of course, white collar crimes have always been under prosecuted.
Exploiting a loophole to get money that isn’t yours should be criminal because loophole or not, its still stealing. Especially if you’re using that loophole with the sole intention of getting money that isn’t yours.
The account terms and conditions agreed to when opening the account specifically covered scenarios such as this (just in a way that didn't clearly give step by step instructions on how to abuse the ATM system).
Back in the 80s when they were switching to scanning bar codes for groceries many people did not trust the scanners so did their shopping at old fashion checkout. One national chain offered product for free if scanner charged incorrect price. Sale coupons for sales items starting on Sunday were printed in Saturday paper. Computer pricing was updated between 2-3AM Sunday morning. Go to 24hr shopping sometime between 12:01 and 1:30 AM. Purchase all sale items and checkout before 2AM. Don’t bother arguing with the night checker about incorrect prices scanned. Go to manager in the morning and show receipt showing date and incorrect pricing. Manager would send you around the store picking up duplicate cart of groceries for free. So in effect you got your groceries half price. Don’t abuse the mistake and draw undo attention. This worked for several months at several hundred dollars a pop until I guess enough people figured it out or abused the flaw forcing them to address the glitch.
@@DavidKen878 If I had to guess, I'd say it's the guilt. He had a bunch of fun, but then realised life was more than that so he moved on, partly from guilt (I'm guessing, at least, from what the video is saying, not sure why he would have stopped otherwise). And then the cops didn't go after him for some reason. And then he went on a press tour, "asking" to be caught, and then he got caught and he has no regrets. This isn't the tale of Jeff Bezos using a pile of wealth to create a giant corporation that exploits its workers, this is just some dude having fun, doing random stuff, and helping his friends.
@@MrPlaneCrashers i dont get why people feel guilty from stealing money from banks lmao. thats what insurance is for. oh no rich people cant buy that yacht. maybe if people stole from corporations more instead from each others homes things would be better.
So many people saying he could have inverted yeah,yeah. In Australia, everything gained by fraud (with interest and returns) is taken before the fine, not as part of the fine. As he didn't gain many assets and threw most of the money to others almost randomly, that money was gone for the most part.
@UCIFFBAFo8M_SNmj-TdHSU5A Cringe innit the bloody spammers are here advertising what is literally garbage for subscribers to be resold. (Or another reason)
@@2Links like what if JP Morgan Chase had suddenly 99.5% of their assets gone and the 0.5% wasn’t enough to save them from bankruptcy. Or what if instead it made a country’s economy collapse?
@@QuarioQuario54321 you mean like another financial bubble? Oh, the government just uses our tax money to bail them out because they are “too big to fail”
as an Australian it is very important for you to know that it is pronounced wang·guh·ra·tuh (you need more nasellyness at the end, (or more bogan in your voice)
I don't really get this- presumably on the day he stops going to the ATM (and if he's going on trips to Bali that was quite frequent), he owes back exactly as much as he took the last time, correct? Meaning he gained nothing unless he did it every day without fail until the day he died. It's pointless if you eventually owe back 1.6 million. The video isn't explaining this part so well at all.
Imagine the things you could do with a gigantic $1.6M interest-free loan. Investments, real estate, start a business, etc. Plenty of ways to make another million once you have enough capital to start with.
And for those who don't know what Hydrofluoric acid is, and are too lazy to look it up, here is the Wikipedia definition for it: Hydrofluoric acid is a solution of hydrogen fluoride (HF) in water. Solutions of HF are colourless, acidic and highly corrosive. It is used to make most fluorine-containing compounds; examples include the commonly used pharmaceutical antidepressant medication fluoxetine (Prozac) and the material PTFE (Teflon). Elemental fluorine is produced from it. It is commonly used to etch glass and silicon wafers. When hydrofluoric acid comes into contact with human skin, it causes deep burns Edit: I copied and pasted the whole article. Yes, I am conveniently insane.
What he should have done is invest that none-existence money into something like real estate, and then he would have the actually money to pay off the debt a few years later plus the real estate to earn money. It’s how rich people do it anyways. In that way it’s less like stealing money from bank, more like get a zero-interest loan from the bank.
As an Australian, I approve your use of the word "grog" and well done on it's flawless use. I would like to commend and adopt "Vitamin B" That is genius 🤣
Money at 3000 BC 0:05?? Definitions of money vary, but the most widespread one is that in was invented in Lydia ~600 BC with minted coins of standard weight and metal content. Anything before that was ad hoc bartering, although some goods were the de facto medium of exchange (commonly livestock, grain, or metal) they were completely fluid rather than being in fixed denominations.
"The most widespread one is..." citation needed. But more importantly: the idea that monetary economies emerged from barter has all available evidence speaking directly against it (see e.g. Humphrey 1985), and the standardised coin (e.g. à la Lydians) is far younger than our concept of "money".
@@cf7571 fair enough, money is complicated and there are lots of types whose nuances I don't all fully grasp. But in this context I meant something you can put in my hand and that I can unequivocally say "yep, that's money". When does that date from according to you?
@@QuantumHistorian The first time anyone could unequivocally say "yep, that's money" would have been around the 11th or 12th century, not long after the Normans conquered Britain. All three of those words existed in Middle English.
@@definitlynotbenlente7671 I agree they are evil but does that justify stealing from them? an interesting moral question with no right answer. Well good luck on screwing over the banks while this capitalism thing is in full swing
At first it’ll sound like a good idea but over time it would be horrible. If you just keep gambling over time the house will win and over time doing the atm glitch the money he’ll borrow will grow exponentially until he can’t pay it back as the casino will always win in the long run. Best to do is invest in a business or asset that has a guaranteed return and is easy to liquidate for when and if you get caught. The glitch was literally a interest FREE NO LIMIT loan but the loan amount would be double every time you take money out. The only flaw with this is losing the money you’d need to pay back and be negative in your account.
@@chancellorasher9417 "the casino will always win in the long run." No. This is a good heuristic, but it is NOT true when you're an order of magnitude richer than the casino. (The bigger problem is the risk of the _casino_ quitting while it's ahead.)
@@ShankarSivarajan house will always wins let’s leave at that. Also why would you gamble when there are far better investments with much lower risks? Clearly my man is not business minded, you are getting ULIMITED RISK AND INTEREST FREE LOANS everyone’s dreams. Yet first thing you’d try and do is gamble, clearly not a very intelligent man.
I did this about 15 years ago in the middle of the night at a Bank of America ATM. It was offline or something wasn’t connecting and I was able to withdrawal my daily limit ($400) repeatedly. Well past my roughly $1000 balance. I stopped around $8-9k. They caught it eventually and my account went negative. Made an agreement and repaid it over time.
Honestly I probably would pay off debts first and than follow it up with either taking the funds and putting it into a trust that I could legally separate from myself and bury it under more legal loopholes. Make it as hard to touch as possible. Than buy some stuff I have always wanted and than put it somewhere the bank wouldn't be able to find it. Maybe on a piece of property that isn't under my name or another separate rabbit hole of trusts.
You could only pay off debts that weren't to the bank with this though and few people have debts to anything else. Like the debts people usually have are like house or car loans and they're all taken from the bank. I guess maybe in the US that's different but this is Australia.
This glitch still exist to this day, however they made it impossible to exploit. *_BECAUSE ATM's are OFFLINE during such times._* They did not fix the programing glitch, they just turn off service.
Wangaratta pronunciation guide. Wang - as in the appendage, not the surname. Rat as in the animal. You can pronounce the rest any way that fits and you'll have it right. And remember the locals call it Wang.
That’s so dumb. Figure out to make sustainable cash off that. He kept putting himself in a worse situation and at the end he has nothing. If he could have put that 10k into starting or investing in local businesses, he would have only had to do that until those cash flows would generate more than the bank scam.
@@Cacttux because he ended up with 200K in debt that he couldn’t repay so had to spend a year in prison? He could have had that fun time *permanently* if he spent that money wisely
Yep. Basically an easy start for all sorts of things. A few years and not only would the no interest loan be paid, he'd have assets, and no one would know. At age 90 he could confess or some such.
Exchanges can be subpoenaed to have the stocks sold and the value recouped. The only ways he could have avoided it was by gambling and hoped he'd win big off the radar or investing it through someone else
@@whut9245 That makes no sense. If he managed to make a profit off the stocks before they knew then they would never know. That's the thing. If he took out $50,000 and put it in a diversified stock portfolio, and then just repeatedly maintained that for a month or so, he could sell the stocks, replace the $50,000 back into the savings account, let the account transaction clear, and then pocket the profit. No-one would ever know. Rinse and repeat. Even if the stocks rose in value collectively by about 5%, that would be $2500 from nothing. And that could be increased by increasing the initial investment. Eventually, he wouldn't even need to use the bank trick anymore as he could just invest the profits from the earlier trades.
@@whut9245 Even if his end thought that he was going to get caught, he could've simply bought loads of gold or other valuable items and bury them somewhere. Get caught, serve time, then done. He's rich.
@@theidioticbgilson1466 Also wrong. That's why services and advisors exist. He can simply passive invest, such as using the FTSE 100, a good mix of industries for a safe bet, or an ETF such as VTI, where it's basically someone else doing the management of it. Yes it's a gamble, all stocks are. But they're still a safer bet than...actual gambling. He can also hire a stock broker to opt for safe investments. Usually the downside of a broker is you lose on your returns as you're paying someone else for the work but who cares, it's infinite money. And usually the downside of safe stocks such as government bonds, is low return, but again who cares, it's infinite money. Even a return of like $10,000 is still a pretty good net gain for no consequence. If the gamble doesn't pay off the result is the same anyway. He gets done for fraud. So what is there to lose?
That's like finding the Louvre in Paris unlocked at night and stealing some cups from the gift shop. He should've pulled the money out, invested it, made some cash with dividend and give the original sum back.
I wouldn't even invest it as that makes a paper trail. I'd just bury it somewhere, wait for the inevitable prison sentence, do the time, and then dig it up Shawshank style.
i dont think people know the opportunity they have right now. Crypto market and other markets are lower in price rather than increasing in price . Just buy the small shattered pieces that were left behind and sooner or later your portfolio value will increase
You said my mind, now is the best time to re-invest or invest if its your first time . we all know that it will eventually go backup, so why wait when you can make more money and quickly
@@leonardj.gochenour1920I am new in this crypto-market and i'm getting burn with all my hodlings . Few months ago i was waiting for the my hodlings esp bitcoin to hit new atm because i got in at their atm i was so secure that bitcoin will doing great i bought more. when i saw when bitcoin went down to $29k i almost folded from my chair, this is insane this crypto market give me so much stress i wish and i hope this bad dreams will end soon
@Robert Barton I really appreciate your comment. i have been thinking of how i can place my portfolio advantageously, making good returns without accruing losses . Any tip on how i can get in touch with a reliable and trustworthy Advisor with less commission
I wish I had seen this video few years ago.... It finally makes sense why my bank was always so difficult on any transactions between 9pm - midnight. This exact thing was happening with my bank, any transactions & transfers done between those 3 hours would not register until after midnight. So you always had to take out cash/wire your friend ahead of time before going Out partying. Man.... Could've abused this thing so much :( Gotten myself a decent car, (not really a car guy, so just any decent looking normal car that isn't 20-50 years old & breaks down within a month like my previous 3 cars) And then had a ton of fun.. Aswell as a failsafe incase It'd get patched one day. Like investing it in some stocks, real estate, Crypto & whatnot. So that If I, like the guy in this video had to pay $200k, I'd just sell a portion of my portfolio and woosh. Free man and still rich enough for Me & my future family to live a good life.
I used to work for a large ATM manufacturer.. What you describe is a bank problem, not an ATM problem. The bank computer (ie, their software) tells the ATM what to spit out. Same thing with NCR and other brands.
I honestly would have told the bank right away that I found a way to create money from nothing, and usually such institutions will have a bounty for finding these sorts of exploits. Considering how much money he could have stolen, I bet the bounty could be in the 5 digit range easily.
Or the better odds would be, thanks, here's nothing for your rewards. If the bank/company doesn't explicitly state a reward for something, you don't do that something. Especially for banks, considering they use our money in stocks & invest to make money for themselves. Make us pay money simply for someone to hold our money. (Some) have it where they take 1-5$ or a % just to withdrawal your own mkney, ect. So duck banks.
Jokes on you. The bank would tell you that you are confused and it is a loan and now you are in debt that you have to pay back. They will take money from you, not give you.
Man, I wouldn't feel guilty in the slightest Maybe it's my "fuck the rich" coming out, but if I can rob the rick and get away with it that easily, I'm doing it
Man, he coulda ran that a few years and made enough to buy enough stocks in the stock market to be able to live off the 3% or so in returns from stock. Stay frugal and keep going until you have a proper fire portfolio, let that portfolio mature a couple of years, and then let the transactions cancel, using savings from the fire account to pay off the spiral of debt and insert his family into generational super wealth. You know, that stage of wealth where no matter how much you spend, you make more money from dividends and interest. He coulda had a solid chance of absolving his guilt, and pay back the bank, and just be a rich guy all at once.
I hate it when the operators running this universe's simulation patch these glitches. Back in the day I used to duplicate items using nothing but some scrolls and my inventory screen. I didn't even have to mess with time or anti-matter and risk corrupting the simulation's autoupdate save file.
The thing was, there was no warrant for his “arrest” until AFTER he went through with the current affair story, and that was 3 years after he tried telling NAB what the problem was. And they reason why NAB wouldn’t go after him was because if everyone knew about the loophole in the system that gives out the cash all the people that use their bank would leave and their shares would plummet into nothing.
You could look at that 1 year prison stay as equivalent (hour for hour) to four years and four months at a really sucky job. 365 days * 24 hours = 4.3 * (8 * 250) 1 year in prison = 4.3 years working 40 hours per week.
It's amusing to think that there would have eventually been a point where it would become physically impossible to do enough transfers during the 2 hour window to continue the scam.
Wangaratta - The "Wang" at the beginning is pronounced the same way as the "wang" in "hang out with your wang out". It should sound more like Kangaroo (but with a W, so Wangaroo?) than whatever Sam said! Proper Aussie pronunciation would be "wanga-rat-ah".
the thing is, his limit of $1000 on his credit card still apply, the ATM only checks if he has used up his $1000 limit up yet or not so he can only withdraw $1000 each transaction. I'm guessing he raised this limit at some point otherwise by the end he's standing the at 3AM each day making 1600 transactions to get to $1.6mil. could be that's why he had enough.
![[MV] A leap of faith...ความเชื่อใจครั้งสุดท้าย (From "Petrichor the series")](http://i.ytimg.com/vi/U1piZH2CNXA/mqdefault.jpg)
Honestly, I thought it would end differently. Provided he had to use ATM every night transferring more and more money, I thought it would end with him being in debt for a lot of money.
I mean the video says he had to pay $200.000 so I guess your prediction isn't wrong
All that he that he would need to do is save enough money in a different account to pay it off
@@jordanlaquey5325 the interest in savings account is almost nonexistent. He would be better to invest it somewhere else and he could have paid the bank back
@@MiguelAngel-fw4sk he had to pay $200,000 but earlier in the video it says he spent around 1.6 million
@@theneonbop That 200,000 must be a negotiated settlement his lawyers might have reached with the bank, says nothing about how much he paid the lawyers though!
He should made some investments in to rental property and paid off what he owed. Banks leverage our money all the time, he should have taken his opportunity like he did before when he found out
Or just keep gambling until you hit it big and can pay back the money with some to spare.
@@The_Jzoli that‘s not how gambling works.
@@The_Jzoli The house always wins. That's not a smart strategy.
@@ChickenPizza The house always wins in the long run, not necessarily in the short term. Therefore he can gamble increasingly large amounts until eventually he wins. This works for him because he has unlimited funds
@@ChickenPizza @dab_u the house only wins if the money you are spending is yours. If there is a virtually unlimited amount of money you can double down with, at some point you will get out with a plus.
finally, a real life infinite money glitch!
Not quite infinite because he still has to pay it back. More like an infinite 24h loan
@@user-op8fg3ny3j it still is infinite as there are no limits. Yes he does need to pay the money he took couple days later but he can come back the very next day and take out a bigger cash. The money he’ll borrow will exponentially grow but he can take out as much as he wants (until he gets caught or the bank finds out) BUT THE BANK NEVER NOTICED THEREFORE THE WHOLE PROCESS IS INFINITE AND CAN USED BY OTHERS AS WELL.
Im 998 like
and it happened toa very deserving guy, seems like
Ever heard of banks 😂😂 we give them our money ffs
I need to go back a couple versions so I can preform this in my billionaire speedruns
perform*
@@gmansplit G Man is my nickname. I went to grammar nazi this. Still don't believe in Da Matrix??
On the other hand you will have to become Australian. Which is just Florida meeting Great Britain.
@@garystinnett8321 ???
I mean if you get lucky and get a billionaire father, could be easier
I can't imagine how much stress and anxiety built up while he was waiting for it to inevitably all come down around him. I think he turned himself in so that he could have a clean slate and rest well knowing that he didn't have to worry about getting found out
Reminds me of the guy who was sentenced to 13 years for a robbery, but was never taken there. He waited, supposedly even asked about going to prison (not sure who he asked) but they didn't notice until 13 years later, I guess when they went to let him out they found he wasn't anywhere on the inside. After a year in prison he was credited for time served for all 4,794 days from conviction to arrest. Because he was found to have turned his life around wife&kids&job etc, rehabilitated himself like prisons claim to be able to.
That twist ending! I wouldn't have pressed for jail time personally but I wonder if anything like a book or movie deal would off-set that. If it did he's still good.
@Safwaan Even better: invest the money in stuff, like real estate or stocks; keep taking "loans" from the ATM until your investments reap huge benefits, then simply pay the bank back in full without anybody realizing a thing.
Boom, you're rich and you didn't even work or risk anything for it.
No book or movie deal. Just a Half As Interesting video. So basically nothing
@@kevinboros7427 true but you would have to be skilled with stocks for it to work or have one of those people you pay some money to do it for you
@@kevinboros7427 High-yield investments also have proportionally high risk. It's just as likely if not more likely that his investments would fail and he would be out more money than he could withdraw from the ATMs.
In the end, he got away with a lot anyway. He spent $1.6 million of the bank's money and only had to pay back $200,000. You would have to decide for yourself if a $1.4 million spending spree is worth a year in jail, but I think most people believe it is. And if he had kept his mouth shut, maybe he could have kept all of it (though by doing it this way, he doesn't have to look over his shoulder for the rest of his life).
@@DANtheMANofSIPA No book or movie deal _yet._ I think we could get character actor Brad Pitt to portray him in a movie in the style of Catch Me If You Can.
Similar story:
Few years ago in Russia, bank send email to their client with pdf contract about credit card we have to print, sign,and mail back to them. He was not happy with "small font" (things like how much money he should pay every month and things like this) and he changed all numbers to 0, sign and sent contract, and bank verified it. And he started spending a lot of money, not carrying about debt or anything, because (according to him modifications to contract) - he didn't have to pay them anything and there was no limit to how much money he could spend. Bank realized their mistake of "not reading small font" only when they asked from him to pay his debt months later.
I don't know how that ended.
I kinda remember hearing about that. If I recall, the bank tried to take him to court for fraud, but the court found in his favor, as he "negotiated" new terms with the bank, which then accepted those terms by issuing him an account. He didn't even have to pay back the money he had spent because he had written some such clause into the contract. The judge ruled that the bank couldn't force someone to do something that the bank wanted because the bank didn't read the terms and conditions of their own contract.
The phrase is “small print” usually if you wanted to know
@@circuit10 actually it's "fine print"
@@RamiSlicer Oh, I’ve definitely heard “small print” as well
@@RamiSlicer Google says “small print” is British so that makes sense because I am
I used to do this in the early 80's. ATM's would go offline in the early evening while the books were balanced but the machine would still give you cash up to $300 without checking your balance. I would frequently "float" a bit of cash until I was paid the next day without a penalty. The secret was figuring out what time you could do this as the machines wouldn't tell you directly. I figured it out by always asking for my balance first. If the balance was unavailable that meant the ATM was operating in offline mode so it was time to "borrow" some cash. Different machines had different times to be offline and I had several I figured out the schedules on. That went on until the 90's.
Hello, this is the police - I mean, definitely not the police. I'm curious to know more details.
It honestly probably still works, except the window of opportunity is likely one to three minutes rather than hours, and probably only once a week unless it's a high volume ATM.
@@CynicalDriver It's not related to the ATM itself, rather it's the underlying bank's system not being able to confirm available funds to the ATM's request due to nightly processing/validation of the day's transactions.
Having worked in the industry in the 80's/90's I had to deal with many customers who either exploited the situation to withdraw funds they knew they didn't have, and others who were confused/angry that the bank let then withdraw funds they didn't have in their account and then proceeded to charge them overdrawn fees and interest.
But presumably, you just got it in advance and had to pay it back when you could, correct? That's what the video is not explaining well at all... on the day he stops going, he owes back exactly as much as whatever he took last time...
@@vigilantcosmicpenguin8721 LMAO
I wonder how many more stories there are out there like this one, only we never heard about them because they ended with the bank, or whoever was losing money, simply saying "ok, we don't want this embarrassing incident to get out, so we will not press charges so long as you _don't talk_ "
Almost makes you wonder what conspiracy theories are true.
@@vigilantcosmicpenguin8721 not flat Earth
Also corruption scandals with the bank’s employees that you don’t hear about
And eventually on their deathbed one day they tell the story to everyone...
Lol there are this one time when i got this sweepstakes looking check in the mail for like $300 15 years ago( with inflation it was worth more ), i went to the credit union to cash it.. they cashed it and they sent me a nasty letter a full week later, saying i owe the money(Yes, it took them that long, i had to pay it but they didn't press charges or anything, they were embarrassed since the check looked obviously fake. I didn't think they would cash it for me.
So this was, in essence, the 21st century version of playing the float.
For you young 'uns, playing the float was a technique that was used back in the Dark Ages to get short-term interest-free loans. It depended on the time it took to physically move checks between financial institutions. The float usually ran three or four days but, with judicious choice of banks, it could be as long as a week. When electronic check clearing became a thing (the 1980s?) the float ceased to exist, alas.
DISCLAIMER: I can neither confirm nor deny that I was ever involved in such an enterprise. Besides, it was many statutes of limitations ago.
this comment suggests you were alive in the dark ages
In the States that was a thing until the early 2000s, the George W Bush administration made it that checks no longer needed to be physically handled to be processed. With the maturation of the internet it was possible to use images instead and reduced the processing time to a day or two depending on the institution.
@@jjmoreland Thanks for the clarification. I was unsure of the time frame.
@@ReatExists To people who are significantly younger than I, the 1970s might as well be the Dark Ages.
That's called cheque kiting.
So a loan without interest? It truly is magical
With a -1.4 million reduction in repayment amount!
Pretty much a one day loan, yeah. If he was smart he would have flipped that money so he could eventually pay back the bank and got away scot free
@@user-op8fg3ny3j flipped the money?
It would probably have been best to think of that money as a no interest loan, invest it somewhere else in an account not affiliated with you. Then hopefully you could have paid back the $200,000 fine and had a vested asset making you money afterward.
Exactly! Such a missed opportunity. You can tell a lot about a person by seeing if you gave them a large sum of cash and how smartly they use it
Ugh. Yes. This. He could have done this.
He had fun, that's what matters, not everyone needs to calculate every decision in life
Except they'll discover it. The only thing you can maybe do is buy gold and hide it somewhere. Unfortunately he did this in 2011, not the best time to buy gold.
“Money. It’s like if BitCoin wasn’t a scam.” Sam’s (writer’s) most underrated quote of the year.
Jokes on you, they are both a scam.
@@rubiconnn nah
least informed take possible
Well, it’s actually not a scam...
Yeah I agree
New Zealand had something like this happen about 12 years ago. $6 million was stolen and transferred to China. The theives fled to Hong Kong and it took a couple years to get them extradited back to NZ.
Considering it's a bank/fraud I was expecting the worst for this guy. A year and $200k? That's almost nothing.
He lived the peak of his life, and he actually confessed. 1 year and 200k is reasonable. Still though, he probably could've went further with this and still get that amount of jail time.
Dude he coulda payed a bit more and never do jail time. Tbh I’ve seen much worse (white collar) crimes and the toughest sentence was a fuck ton of community service.
@@fluffyjello 1 year and 200k was a bit of punishment. Dude coulda payed $500k and some community service, I guess the guy wanted to see the inside of a jail.
@@chancellorasher9417 I think the point of his stunt was more so to bring attention to this security vulnerability in the bank. If he got convicted for a crime over it then it would have to be in the legal records and the bank would be forced to do something about it.
Not all countries have ridiculously long prison sentences like the US. In many countries getting prison time at all is rare, idk about Australia but for example in Denmark the max possible prison sentence is 16 years and that is only for the absolute worst.
His statement about not second guessing things and doing it the same is one of the most Australian things ever.
My question is genuinely at what point would this fail as I asume that there is some max transaction size
It caught up to him when he stopped taking more money out . I don’t think there is a cap because the banks don’t even keep that large amount in their vaults at any one time
@@user-op8fg3ny3j Eventually the machine has no more money in it right?
I think it fails when the atm(s) available run out of cash
a good guess would be about 4 294 967 297 billion dollars as an upper bound but something would probably happen sooner
@@chyza2012 it would probably go though, but i would guess it would trigger or crash something somewhere.
He should have kept taking until he was billions of dollars in debt to the bank. As they say, when you owe a million, the bank owns you. When you owe a billion, you own the bank.
Local Australia man crashes central banks and entire world economy with infinite money glitch, bringing a new era of peace
Definitely missed opportunity, dude might've had the entire world by the fucking balls and didn't capitalize on it
That’s only true I’d they expect you can pay any of that back.
Yeah, take a billion then escape to some out of the place country with a new identity
@@btnt5209 Yeah, a billion can buy you a small country, no problem.
Exactly also this infinite money glitch can be done with different accounts as well. He could have done it with multiple accounts (tho it’ll most likely get a red flag).
Back in the 90s, a similar thing was possible with a small Australian credit union on their regulat ATM cards (pre visa-debit), essentially if you had between 1c and 9c in your account, any transaction would approve via EFTPOS and yet, your account balance would never drop or go into the red, nor would the transactions show on a statements. Once they swapped to using Maestro and Cirrus, it no longer worked
Whaaat? Lol, I'm purposely getting to 1-9¢, the going on a Hella spending spree.
Especially since there is no record of the transaction.
I've got an idea for being a small-time Australian bank robber.
About 30 years ago, the country withdrew its 1c and 2c coins from circulation, inflation having made them worthless. So all cash transactions have to be rounded to the nearest 5c. But check or card payments still deduct the exact amount from your account.
So, all you need to do to get free money is to write a 3-cent check to "cash" and take it to your bank. They'll have to give you 5c in cash, so you'll make 2c profit on the transaction. Repeat an absurdly large number of times until you can actually afford to buy something.
I can’t believe the GTA V infinite money glitch was so good they made it in real life
Can't wait for some hoverbike to ruin everything
I working in banking and can confirm that this still technically works...to and end. in order to not cancel out any stores, your card works offline. this is despite having no money, blocked your card, or anything. the only way to stop it is if the expiration date has passe + a few days as cards come with whats called a grace period, meaning your card still works a few days after expiring. here's the catch, ATMs (and Banks) are slow, but they log EVERYTHING. the time and date ATMs goes offline varies. some goes offline more often then others. and before you go trying this, most countries have a offline limit that is only nullified once card has gone through another online transaction (this also varies) the limit is often around 250$ a day, or 2500$ a month (30 days)
Does this work in say the United States. if so what time do i have to be up to exploit this money glitch?
@@peytondailey6108 I dont work in the states. but wouldnt suprise me. The states are quite far behind in banking. they normally do the maintenance somewhere between 1 and 5 AM. but when exactly is difficult to say. each ATM is maintained and installed by different banks, so it all depends.
in id they just stop working if offline lelz
I’ve found a number of cards in the UK refuse to validate offline transactions, while others allow it. Both kinds say Visa Debit so it must be a bank policy.
I would have went mad with power, lobbying governments to fix issues, investing in affordable housing projects, setting up charities to help the homeless, ya know, real super villain stuff
Ah yes socialism villan stuff
@@Ranio_
Nooooo Vladimir Lenin you can’t just nationalize all your industry and turn the USSR into a world superpower in 50 years!
@@Ranio_ those bad socialists want to give people affordable housing, so terrible
The Spiffing Brit would be proud (But also responsible).
@ancient people 🅥 Explain to me the context of this comment and why it matters and I'll subscribe to fund your idiotic course. No? I see, bot.
@Томмуlnnit 🅥 sup fake innit
He would destroy the steam marketplace economy
The Australian Banking System is a perfectly balanced system with no exploits?
@@confushisushi exploits whatsoever
A smarter and less scrupulous man would have treated it as a no interest loan and invested the money to gain a profit and pay back the money he took in the process. The hardest problem there would be that just like a real bank you would run out of sensible investment strategies and start investing in subprime options.
Honestly I'm impressed that the guy turned himself in, and even made a stink demanding to be arrested. Good on him.
When I was 12 (way back in 2000) I had a child savings account complete with a real debit card.
One day I was showing off to my friends by getting money out like an adult. Then I saw the deposit envelopes and immediately made a “deposit” of $1000 and inserted an empty envelope. This allowed me to withdraw $100 which was the amount they gave you in trust of your deposit being legitimate. I spent the money on Pokémon cards and Chinese food for 4 of my friends and forgot all about it.
About 1 month later the bank sent my parents a letter saying I defrauded them complete with atm camera snapshot of me. I tried to lie and say I didn’t do anything wrong, but my parents knew the truth. They paid the bank back and punished me for it.
Later on in life, they told me they were in some way “proud” of me for outsmarting the bank, I did wrong, but they found it ingenious and wondered why a child savings account would even allow $100 to be withdrawn before a deposit was verified, now at 34 I feel the same.
Who gives that kind of responsibility to a 12yo? My parents and the bank were just as much at fault, kids do dumb things lol.
I had a classmate who was a pathological gambler. He would dispute losses on his credit card and quickly gamble more, hoping to win back the money before the dispute got kicked back. His financial life was a mess, he was constantly on the phone disputing stuff and then he would swear to win it back before the dispute fell through.
This was common in Australia, used to finish work and go to the 24h shopping centre and there was always one or two people waiting until "the bank closed". They said they were able to withdraw $50 for free most nights and it would be possible sometime between 1am and 3pm, once the bank went offline to stop customers from being blocked from withdrawals, they would apparently allow a $50 transaction during this time, that never got deducted from the customers account.
This was happening in the 80's when I was running the ATM's for our bank. We had one customer who did something similar and would constantly show up as insufficient funds, even though he was given them money...because our ATM's were offline late at night. We would call, but he would never return our calls, so I manually went in and put a memo hold of a million dollars on his account. When he tried the stunt again, it didn't go thru, and when he checked his balance, the memo hold was reflected, showing him overdrawn by a million bucks. That time he called US instead of the other way around.
A memo hold is not a real transaction, right?
@@Marvinzum nope. it didn't cause any checks to bounce, although it did slow down the processing of his checks, which oddly, was a benefit to him. IT did get his attention though.
Ok, not half as interesting, back in the 80’s there was this computer game based on monopoly. If you were short on money, you could borrow from “the bank”, at a high interest rate, due in 2 or 3 turns. But if you borrowed a negative amount, the game allowed it. Your account balance would go negative for 2 or 3 turns but then you’d repay the negative loan and essentially collect interest on money you never had. By entering an obscenely large negative loan amount, you could earn $1M easily, in a game where the most expensive thing might be $800.
Yeah, like I said, not “half as interesting” as the guy who floated money in real life, but I did wonder back then if computer programmers didn’t account for negative transactions, then if an actual bank (later available with online access) might accidentally allow you to take out a real loan for a negative dollar amount.
Btw - the guy who was floating money daily at the ATM, how did he go on trips out of the country. 🤔
*private* jet, I assume they don't ask many questions when you pay
Probably gave his card to a confederate.
@@Name-qj9ql - are you insinuating that he took the ATM with him on the plane? 😮
@@stephen3164 hmm I guess you've found an inconsistency with this video, how did he leave the country if he had to take money out daily from a singular atm? I don't know. apologies, I thought you were asking a different question
I believe you’re talking about the game taipan?
This is just the electronic equivalent of check kiting where you took advantage of the time issued to take to clear checks to run up balances.
I would hate to be the IT guy responsible for that bug...
Then again, banks are technologically so far behind they probably don't have "git blame". So he's probably safe
This is actually by design. They have just failed to notice the fraud.
Allowing the atm to do transaction offline and then having a system to verify it later, means this was not a bug but a deliberate decision. Also this can only by an exploit if you do it everyday forever, once you stop the balance will account for all money taken out. I'm more curious about how an atm could make such huge transfers, there should be some limit, especially while offline, that was the main issue.
@@sciemk8723 They could at least have made a better detection system, set off some alarms when such transactions are detected.
Did you intentionally release this video between the hours of 1 AM and 3 AM Australian time? Because it’s nearly 3 AM where I am in Sydney.
Lmao.
LIkely so.
Yeah, I don't even know why I'm awake but I'm watching this video at 3am
"Fueled by Vitamin-B"
That is some next level Aussie slang!
Exploiting a loophole should not be criminal.
If a company or institution intends on doing something a certain way, they should codify it accordingly.
Any lapse in that procedure cannot and should not be used as an argument for fraud.
He was technically having unlimited one day loans, he still had to pay the loan the next day with another loan, the problem is that he spent the money and then stopped doing it, basically owing the bank the money he spent. I believe that was the part that got him into trouble, not the loophole itself.
Using one loan to pay another loan is literally the definition of a Ponzi scheme and it is definitely illegal. Of course, white collar crimes have always been under prosecuted.
Exploiting a loophole to get money that isn’t yours should be criminal because loophole or not, its still stealing. Especially if you’re using that loophole with the sole intention of getting money that isn’t yours.
It's great that he confessed, because that made the bank have to clean up its mess.
The account terms and conditions agreed to when opening the account specifically covered scenarios such as this (just in a way that didn't clearly give step by step instructions on how to abuse the ATM system).
Back in the 80s when they were switching to scanning bar codes for groceries many people did not trust the scanners so did their shopping at old fashion checkout. One national chain offered product for free if scanner charged incorrect price. Sale coupons for sales items starting on Sunday were printed in Saturday paper. Computer pricing was updated between 2-3AM Sunday morning. Go to 24hr shopping sometime between 12:01 and 1:30 AM. Purchase all sale items and checkout before 2AM. Don’t bother arguing with the night checker about incorrect prices scanned. Go to manager in the morning and show receipt showing date and incorrect pricing. Manager would send you around the store picking up duplicate cart of groceries for free. So in effect you got your groceries half price. Don’t abuse the mistake and draw undo attention. This worked for several months at several hundred dollars a pop until I guess enough people figured it out or abused the flaw forcing them to address the glitch.
I needed this today!
You should let Sam know about this, jetlag the game could definitely use this
This dude is exactly the type of person who should have gotten that money 😆
Why?
@@DavidKen878 If I had to guess, I'd say it's the guilt. He had a bunch of fun, but then realised life was more than that so he moved on, partly from guilt (I'm guessing, at least, from what the video is saying, not sure why he would have stopped otherwise). And then the cops didn't go after him for some reason. And then he went on a press tour, "asking" to be caught, and then he got caught and he has no regrets. This isn't the tale of Jeff Bezos using a pile of wealth to create a giant corporation that exploits its workers, this is just some dude having fun, doing random stuff, and helping his friends.
@@MrPlaneCrashers i dont get why people feel guilty from stealing money from banks lmao. thats what insurance is for. oh no rich people cant buy that yacht. maybe if people stole from corporations more instead from each others homes things would be better.
@@zerotheliger banks isn’t nice, ok but does that give you the justification to not be nice to them?
@@Qreator06 yes
So many people saying he could have inverted yeah,yeah. In Australia, everything gained by fraud (with interest and returns) is taken before the fine, not as part of the fine. As he didn't gain many assets and threw most of the money to others almost randomly, that money was gone for the most part.
here before the scammers get here
@UCIFFBAFo8M_SNmj-TdHSU5A Cringe innit the bloody spammers are here advertising what is literally garbage for subscribers to be resold. (Or another reason)
here after the scammers got here 😔😔😔
@@saulq08 here after
Imagine if one of the big banks ran out of money thanks to this
I think if it got that serious they would definitely notice.
That tells you the obscene amounts of money banks make. They didn't even realize this was happening until the guy's moral broke and told them
@@2Links like what if JP Morgan Chase had suddenly 99.5% of their assets gone and the 0.5% wasn’t enough to save them from bankruptcy. Or what if instead it made a country’s economy collapse?
@@QuarioQuario54321 you mean like another financial bubble? Oh, the government just uses our tax money to bail them out because they are “too big to fail”
@@ClaviHaze they can’t run out if the central bank keeps giving them more
as an Australian it is very important for you to know that it is pronounced wang·guh·ra·tuh (you need more nasellyness at the end, (or more bogan in your voice)
I don't really get this- presumably on the day he stops going to the ATM (and if he's going on trips to Bali that was quite frequent), he owes back exactly as much as he took the last time, correct? Meaning he gained nothing unless he did it every day without fail until the day he died. It's pointless if you eventually owe back 1.6 million. The video isn't explaining this part so well at all.
Imagine the things you could do with a gigantic $1.6M interest-free loan. Investments, real estate, start a business, etc. Plenty of ways to make another million once you have enough capital to start with.
Part 2: Electric Boogaloo
Funniest attempt at pronunciation of Wangarrata ever 🤣,but done with such confidence!
This is the real life version of those "infinite money glitch" videos for video games
Idea for the next HAI video:
What happens if I dip myself in hydrofluoric acid, and can I sue for worker’s comp?
And for those who don't know what Hydrofluoric acid is, and are too lazy to look it up, here is the Wikipedia definition for it:
Hydrofluoric acid is a solution of hydrogen fluoride (HF) in water. Solutions of HF are colourless, acidic and highly corrosive. It is used to make most fluorine-containing compounds; examples include the commonly used pharmaceutical antidepressant medication fluoxetine (Prozac) and the material PTFE (Teflon). Elemental fluorine is produced from it. It is commonly used to etch glass and silicon wafers.
When hydrofluoric acid comes into contact with human skin, it causes deep burns
Edit: I copied and pasted the whole article. Yes, I am conveniently insane.
@@SirNerdTheThird5143 in short, forbidden vodka
Short answer, if you get the amount wrong, you're too dead to sue. Your family might be able to get something.
mans stole $18.6m and served only a year, petty theft can land someone here (in the us) for three. (still he do be an absolute based madlad tho)
I once found a vending machine that would spit your money back out right as it was dropping your drink.
What he should have done is invest that none-existence money into something like real estate, and then he would have the actually money to pay off the debt a few years later plus the real estate to earn money. It’s how rich people do it anyways. In that way it’s less like stealing money from bank, more like get a zero-interest loan from the bank.
Loving the pronunciation of Wangaratta 😂 the Wang is supposed to sound more like how you say hang.
Second this:
Wang (as in hang), ga (ha with a hard g), rat (as in the animal), ta (as in tar)
As an Australian, I approve your use of the word "grog" and well done on it's flawless use.
I would like to commend and adopt "Vitamin B"
That is genius 🤣
The amount of people clicking on this video at 12:59am is unreal
Money at 3000 BC 0:05?? Definitions of money vary, but the most widespread one is that in was invented in Lydia ~600 BC with minted coins of standard weight and metal content. Anything before that was ad hoc bartering, although some goods were the de facto medium of exchange (commonly livestock, grain, or metal) they were completely fluid rather than being in fixed denominations.
"The most widespread one is..." citation needed. But more importantly: the idea that monetary economies emerged from barter has all available evidence speaking directly against it (see e.g. Humphrey 1985), and the standardised coin (e.g. à la Lydians) is far younger than our concept of "money".
Mesopotamian shekel
@@cf7571 Thanks, didn't want to bother with this.
@@cf7571 fair enough, money is complicated and there are lots of types whose nuances I don't all fully grasp. But in this context I meant something you can put in my hand and that I can unequivocally say "yep, that's money". When does that date from according to you?
@@QuantumHistorian The first time anyone could unequivocally say "yep, that's money" would have been around the 11th or 12th century, not long after the Normans conquered Britain. All three of those words existed in Middle English.
One should never feel guilty against banks.
I wonder how many other people figured this out and were smart enough to keep their mouths shut about it.
He wasn’t dumb, he was morally conflicted with his actions and decided he deserves punishment
@@Qreator06 i got screwed over by a bank once and have no sypathy for banks it was not that imoral stealing from them
@@definitlynotbenlente7671 I agree they are evil but does that justify stealing from them? an interesting moral question with no right answer.
Well good luck on screwing over the banks while this capitalism thing is in full swing
I was expecting the opening sentence to be
“Money - it’s a gas, so grab that cash with both hands and make a stash”
He should have kept gambling. This is _the_ circumstance in which a martingale strategy would actually work.
At first it’ll sound like a good idea but over time it would be horrible. If you just keep gambling over time the house will win and over time doing the atm glitch the money he’ll borrow will grow exponentially until he can’t pay it back as the casino will always win in the long run.
Best to do is invest in a business or asset that has a guaranteed return and is easy to liquidate for when and if you get caught. The glitch was literally a interest FREE NO LIMIT loan but the loan amount would be double every time you take money out. The only flaw with this is losing the money you’d need to pay back and be negative in your account.
@@chancellorasher9417 "the casino will always win in the long run." No. This is a good heuristic, but it is NOT true when you're an order of magnitude richer than the casino. (The bigger problem is the risk of the _casino_ quitting while it's ahead.)
@@ShankarSivarajan house will always wins let’s leave at that. Also why would you gamble when there are far better investments with much lower risks? Clearly my man is not business minded, you are getting ULIMITED RISK AND INTEREST FREE LOANS everyone’s dreams. Yet first thing you’d try and do is gamble, clearly not a very intelligent man.
I did this about 15 years ago in the middle of the night at a Bank of America ATM. It was offline or something wasn’t connecting and I was able to withdrawal my daily limit ($400) repeatedly. Well past my roughly $1000 balance. I stopped around $8-9k.
They caught it eventually and my account went negative. Made an agreement and repaid it over time.
Honestly I probably would pay off debts first and than follow it up with either taking the funds and putting it into a trust that I could legally separate from myself and bury it under more legal loopholes. Make it as hard to touch as possible. Than buy some stuff I have always wanted and than put it somewhere the bank wouldn't be able to find it. Maybe on a piece of property that isn't under my name or another separate rabbit hole of trusts.
I seriously hope that's exactly what he's done. If that's the case then we would know nothing about it.
You could only pay off debts that weren't to the bank with this though and few people have debts to anything else. Like the debts people usually have are like house or car loans and they're all taken from the bank. I guess maybe in the US that's different but this is Australia.
This glitch still exist to this day, however they made it impossible to exploit.
*_BECAUSE ATM's are OFFLINE during such times._*
They did not fix the programing glitch, they just turn off service.
damn a real life gta hack
ha?
It's the Electronic version of 'Kiting'
Now robbers know how to rob banks :’(
That pronunciation of Wangaratta was so bougie. I love it haha
Infinite money glitch!!1!!11!!
Damn, not 3 seconds in and already Adam is swinging for the fences
0:03 already a great video. Good job, Sam.
Wangaratta pronunciation guide. Wang - as in the appendage, not the surname. Rat as in the animal. You can pronounce the rest any way that fits and you'll have it right. And remember the locals call it Wang.
That’s so dumb. Figure out to make sustainable cash off that. He kept putting himself in a worse situation and at the end he has nothing. If he could have put that 10k into starting or investing in local businesses, he would have only had to do that until those cash flows would generate more than the bank scam.
The guy had a fun time and doesn’t regret a thing. He seems happy, how’s that dumb?
@@Cacttux because he ended up with 200K in debt that he couldn’t repay so had to spend a year in prison? He could have had that fun time *permanently* if he spent that money wisely
Yep. Basically an easy start for all sorts of things.
A few years and not only would the no interest loan be paid, he'd have assets, and no one would know. At age 90 he could confess or some such.
This is similar to check kiting, which isn't possible now because things update too quickly but could work pretty much the same back then
Someone finally avenged us for what the bank is doing to the public!
The banks never get punished
Bruh, this guy only took a couple million that's literally drops in the ocean compared to the amount of capital banks have access to
@@maddeeps5520 Baby steps.
"Money, like if bitcoin wasn't a scam"
The fed begs to differ
people talking about him getting his free money, but no ones talking about how his sleep schedule would be so messed up
Why wouldn't he just buy shitloads of stocks? That seems incredibly short sighted.
Exchanges can be subpoenaed to have the stocks sold and the value recouped. The only ways he could have avoided it was by gambling and hoped he'd win big off the radar or investing it through someone else
@@whut9245 That makes no sense. If he managed to make a profit off the stocks before they knew then they would never know. That's the thing.
If he took out $50,000 and put it in a diversified stock portfolio, and then just repeatedly maintained that for a month or so, he could sell the stocks, replace the $50,000 back into the savings account, let the account transaction clear, and then pocket the profit. No-one would ever know. Rinse and repeat.
Even if the stocks rose in value collectively by about 5%, that would be $2500 from nothing. And that could be increased by increasing the initial investment.
Eventually, he wouldn't even need to use the bank trick anymore as he could just invest the profits from the earlier trades.
@@whut9245 Even if his end thought that he was going to get caught, he could've simply bought loads of gold or other valuable items and bury them somewhere. Get caught, serve time, then done. He's rich.
if you know nothing about investing and business, then it's more stupid than gambling
@@theidioticbgilson1466 Also wrong. That's why services and advisors exist. He can simply passive invest, such as using the FTSE 100, a good mix of industries for a safe bet, or an ETF such as VTI, where it's basically someone else doing the management of it. Yes it's a gamble, all stocks are. But they're still a safer bet than...actual gambling.
He can also hire a stock broker to opt for safe investments. Usually the downside of a broker is you lose on your returns as you're paying someone else for the work but who cares, it's infinite money. And usually the downside of safe stocks such as government bonds, is low return, but again who cares, it's infinite money. Even a return of like $10,000 is still a pretty good net gain for no consequence.
If the gamble doesn't pay off the result is the same anyway. He gets done for fraud. So what is there to lose?
This was a well known thing long before this, except it was only monday at 1-2am and the atm would only let you withdraw $50.
I suspect this happens more often than people realise, but you never hear about it as easier for banks to write it off and just keep quiet about it.
On one hand I can see that on the other hand I'd imagine that banks surely would be fairly motivated to deal with this kinda thing.
Clearly, his mistake here was that he didn't bankrupt the bank. If he had done so, there would've been no one left to discover that he did this.
That's like finding the Louvre in Paris unlocked at night and stealing some cups from the gift shop.
He should've pulled the money out, invested it, made some cash with dividend and give the original sum back.
I wouldn't even invest it as that makes a paper trail. I'd just bury it somewhere, wait for the inevitable prison sentence, do the time, and then dig it up Shawshank style.
It’s time to test whether it still works
😅
I know using the fastcash option allows you to OD limit $200.May different ar different ATMs.
The fact he was so nonchalant about the whole thing probably means he put some of that money aside to pay for any grievances. That's what I'd do too
Not quite how to pronounce Wangaratta
*clears throat* it wasn't just NAB, it was ALL banks in Australia goes offline between 1-3am
Still do.
i dont think people know the opportunity they have right now. Crypto market and other markets are lower in price rather than increasing in price . Just buy the small shattered pieces that were left behind and sooner or later your portfolio value will increase
You said my mind, now is the best time to re-invest or invest if its your first time . we all know that it will eventually go backup, so why wait when you can make more money and quickly
@@leonardj.gochenour1920I am new in this crypto-market and i'm getting burn with all my hodlings . Few months ago i was waiting for the my hodlings esp bitcoin to hit new atm because i got in at their atm i was so secure that bitcoin will doing great i bought more. when i saw when bitcoin went down to $29k i almost folded from my chair, this is insane this crypto market give me so much stress i wish and i hope this bad dreams will end soon
@Robert Barton I really appreciate your comment. i have been thinking of how i can place my portfolio advantageously, making good returns without accruing losses . Any tip on how i can get in touch with a reliable and trustworthy Advisor with less commission
I wish I had seen this video few years ago....
It finally makes sense why my bank was always so difficult on any transactions between 9pm - midnight.
This exact thing was happening with my bank, any transactions & transfers done between those 3 hours would not register until after midnight. So you always had to take out cash/wire your friend ahead of time before going Out partying.
Man.... Could've abused this thing so much :(
Gotten myself a decent car, (not really a car guy, so just any decent looking normal car that isn't 20-50 years old & breaks down within a month like my previous 3 cars) And then had a ton of fun.. Aswell as a failsafe incase It'd get patched one day.
Like investing it in some stocks, real estate, Crypto & whatnot. So that If I, like the guy in this video had to pay $200k, I'd just sell a portion of my portfolio and woosh. Free man and still rich enough for Me & my future family to live a good life.
To be fair, I'm pretty easy to trick between 1-3 am too.
I used to work for a large ATM manufacturer.. What you describe is a bank problem, not an ATM problem. The bank computer (ie, their software) tells the ATM what to spit out. Same thing with NCR and other brands.
I honestly would have told the bank right away that I found a way to create money from nothing, and usually such institutions will have a bounty for finding these sorts of exploits. Considering how much money he could have stolen, I bet the bounty could be in the 5 digit range easily.
Or the better odds would be, thanks, here's nothing for your rewards.
If the bank/company doesn't explicitly state a reward for something, you don't do that something.
Especially for banks, considering they use our money in stocks & invest to make money for themselves. Make us pay money simply for someone to hold our money. (Some) have it where they take 1-5$ or a % just to withdrawal your own mkney, ect. So duck banks.
Jokes on you. The bank would tell you that you are confused and it is a loan and now you are in debt that you have to pay back. They will take money from you, not give you.
That was a very interesting video ( standing up and clapping) bravo Sam! I love to hear about money! I love making it and learning about it
Man, I wouldn't feel guilty in the slightest
Maybe it's my "fuck the rich" coming out, but if I can rob the rick and get away with it that easily, I'm doing it
It was also the biggest top 40 hit in 7/4 time, in 1973.
Man, he coulda ran that a few years and made enough to buy enough stocks in the stock market to be able to live off the 3% or so in returns from stock. Stay frugal and keep going until you have a proper fire portfolio, let that portfolio mature a couple of years, and then let the transactions cancel, using savings from the fire account to pay off the spiral of debt and insert his family into generational super wealth. You know, that stage of wealth where no matter how much you spend, you make more money from dividends and interest. He coulda had a solid chance of absolving his guilt, and pay back the bank, and just be a rich guy all at once.
I hate it when the operators running this universe's simulation patch these glitches. Back in the day I used to duplicate items using nothing but some scrolls and my inventory screen. I didn't even have to mess with time or anti-matter and risk corrupting the simulation's autoupdate save file.
Your pronunciation of Wangaratta is really painful
The thing was, there was no warrant for his “arrest” until AFTER he went through with the current affair story, and that was 3 years after he tried telling NAB what the problem was. And they reason why NAB wouldn’t go after him was because if everyone knew about the loophole in the system that gives out the cash all the people that use their bank would leave and their shares would plummet into nothing.
I would totally spend a year in prison for $200,000 AUS, since I live in a 3rd world country I’d become millionaire!
You could look at that 1 year prison stay as equivalent (hour for hour) to four years and four months at a really sucky job.
365 days * 24 hours = 4.3 * (8 * 250)
1 year in prison = 4.3 years working 40 hours per week.
@@jpaugh64 which only makes it better since the normal week is 56 hours here…
@@ClaudiniGod In fairness, 50+ hours days is pretty normal here in the US, too!
It's amusing to think that there would have eventually been a point where it would become physically impossible to do enough transfers during the 2 hour window to continue the scam.
Wangaratta - The "Wang" at the beginning is pronounced the same way as the "wang" in "hang out with your wang out". It should sound more like Kangaroo (but with a W, so Wangaroo?) than whatever Sam said! Proper Aussie pronunciation would be "wanga-rat-ah".
the thing is, his limit of $1000 on his credit card still apply, the ATM only checks if he has used up his $1000 limit up yet or not so he can only withdraw $1000 each transaction. I'm guessing he raised this limit at some point otherwise by the end he's standing the at 3AM each day making 1600 transactions to get to $1.6mil. could be that's why he had enough.
Fixed by a software update: Transfers should be available within 24hours.. and not immediately while ATMs are in the offline period.