Monday, 20 May 2019
Latest news
Main » Canadian police needs help to find 4 criminals in $200K Bitcoin fraud

Canadian police needs help to find 4 criminals in $200K Bitcoin fraud

14 March 2019

Authorities in Canada are reportedly looking for help identifying four suspects of conducting double-spend attacks on Bitcoin ATMs throughout the country, potentially taking advantage of these accepting 0-confirmation transactions. Of the 112 fraudulent transactions, investigation showed that 51 occurred in Calgary, 27 in Montreal, 17 in Toronto, 13 in Winnipeg, 2 in Sherwood, 1 in Hamilton, and another 1 in Ottawa.

As per a local news portal, officers were tipped off to a major fraud involving transactions that targeted a Canadian bitcoin company.

They said the offenders committed so-called "double spend" attacks, where a suspect withdrew cash from a bitcoin ATM then cancelled the transaction remotely before the cryptocurrency could be removed from their accounts.

More news: Frank Lampard urges Callum Hudson-Odoi to stay at Chelsea

Four suspects with what police describe as "in-depth knowledge or interest in cryptocurrency, bitcoin and/or blockchain technology" are accused of defrauding the bitcoin company of almost $200,000 through "double spend attacks". The Calgary Police Service pleads with the public to supply any information relevant to the apprehension of these men.

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.

Bitcoin scheme suspect number four.

More news: New MLB Deal To Include $1M HR Derby Bonus, Single Trade Deadline

The other two suspects in the case have been found to have attacked and withdrawn the amounts from Winnipeg and Sherwood Park respectively. Although the tools were not specifically created for such criminal activity, the tools essentially enable "stuck" transactions become "unstuck" when one pays an extra fee.

Law enforcement teams in Calgary are spearheading a nationwide investigation into a suspected Bitcoin fraud ring that made off with almost $200,000 in a little over a week. Further, there is a "double spend" tool that also seems to be at the heart of the transactions.

More news: Israel says uncovers Hezbollah unit led by notorious commander

Canadian police needs help to find 4 criminals in $200K Bitcoin fraud