Police ask for help finding suspects in bitcoin fraud

Mae Love
March 14, 2019

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. The portal further reported that for 10 days in September 2018, police believed 112 fraudulent transactions were made at bitcoin kiosks in seven cities across the country, with about half taking place in Calgary.

Cybercrime Team (CPS) is investigating a series of fraudulent crimes with Bitcoin ATMs that resulted in the Canadian blockchain company incurring a loss of 195,000 Canadian dollars (approximately 146,000 USA dollars).

Almost half, 51, of the transactions allegedly occurred in Calgary.

The men allegedly attended bitcoin kiosks, successfully withdrew money, then remotely cancelled their transactions before the bitcoin company processed the withdrawal. Though the identities of the perpetrators are not now known, the Calgary police are requesting the public's help in identifying them. The left-most individual in the above image is believed to have focused on Toronto, Montreal, Ottawa, and Hamilton.

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Each of the four suspects is accused of attacks in specific cities. While not designed for criminal applications, the tool is described by Todd as a means of creating successive transactions to smooth "stuck" transactions.

CPS believes that the suspects committed the so-called "double spending".

According to reports, each of the four suspected of defrauding Canadian Bitcoin ATMs targeted a different area. Zero-conf is a system that allows transactions to go through with zero confirmations on the blockchain.

A number of policing agencies from across Canada took part in the cybercrime investigation and four suspects were identified. Those with information on the case can submit anonymous tips.

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