Canadian Police Investigates Bitcoin ATM Frauds

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

Police call on residents to assist in finding four men suspected of stealing money from Bitcoin ATMs.

Over half the identified transactions have been attributed to ATMs in Calgary, with the remainder spread between Winnipeg, Toronto, Montreal, Sherwood Park, Ottawa and Hamilton.

Calgary police began its investigations in October after the swindled Bitcoin ATM company alerted them of the issue.

Fifty-one of the fraudulent double-spends took place in Calgary.

The men allegedly attended bitcoin kiosks, successfully withdrew money, then remotely cancelled their transactions before the bitcoin company processed the withdrawal.

Police say the male suspects may have in-depth knowledge or interest in cryptocurrency, bitcoin and/or blockchain technology.

Between Sept. 16 and 26, four men were captured on CCTV cameras making 112 withdrawals from Bitcoin kiosks in seven Canadian cities.

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

Todd is among the Bitcoin developers who developed a tool that allows processing transactions lost in the process, however, a tweaked version of the same is believed to be used for these scam transactions.

The men's identities are still unknown, therefor the Calgary police made a decision to turn to the public to ask for help in identifying the criminals. The cities which fell victim to the attack include Calgary, Toronto, Montreal, Winnipeg, Sherwood Park, Ottawa and Hamilton.

The second suspect is believed to be responsible for transactions that occurred in Calgary.

Authentic double spend attacks either involve exploiting a code defect in a crypto network's software or a "51% attack"(brute force attack) on a cryptographic ledger's processing of transactions.

The Calgary Police Service cybercrime team conducts and supports investigations into any crime that is found to have a connection to cyberspace, including fraud, drug trafficking, child exploitation and missing persons.

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