Canadian Police Investigates Bitcoin ATM Frauds

Calgary police look to identify 4 suspects in $200k Canada-wide bitcoin fraud

The Calgary police have asked for the public's help identifying four men wanted in connection to a almost $200,000 bitcoin scam that targeted seven Canadian cities.

During that time, 112 fraudulent transactions were made in seven cities - Calgary, Sherwood Park, Toronto, Montreal, Ottawa and Winnipeg.

The release stated that the Cybercrime Team of the Calgary Police Service received alarming reports of several fraudulent transactions involving Bitcoin in October 2018. These kind of attacks are possible due to the fact that it is possible to withdraw money from a Bitcoin kiosk and remotely canceling the transaction before the company can process the withdrawal.

"All four suspects are described as adult males and are believed to have in-depth knowledge or interest in cryptocurrency, Bitcoin. or blockchain technology", police said in a statement. This man was photographed in Calgary.

Bitcoin ATMs have been growing in number across the world, with over 4,000 already in operation.

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Much of the blame has been laid at tools like replace-by-fee from Bitcoin Core developer Peter Todd, which could have enabled these zero-confirmation transactions.

Four scammers wanted for conducting double spending attacks in Bitcoin ATMs from major cities in Canada. The left-most individual in the above image is believed to have focused on Toronto, Montreal, Ottawa, and Hamilton. That creates two transactions in succession, one paying a specific amount to a specific address, and a second one double-spending that transaction.

Agencies including the Toronto Police Service, Hamilton Police Service, Winnipeg Police Service and Halton Regional Police Service are assisting CPS.

Anyone with useful information can contact the Calgary Police Service non-emergency line at 403-266-1234 or anonymously tip Crime Stoppers through calls on 1-800-222-8477, calgarycrimestoppers.org, Facebook, or 222tips.com (case number 18453695 / 5075).

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