Canadian authorities seek $150k double Bitcoin spending on ATM suspects

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

The fact of the matter remains that cryptocurrency of any kind is susceptible to double-spending, including bitcoin.

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. 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.

The release stated that the Cybercrime Team of the Calgary Police Service received alarming reports of several fraudulent transactions involving Bitcoin in October 2018.

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.

This man is suspected of making fraudulent transactions in Toronto, Montreal, Ottawa and Hamilton.

Police say the suspects committed "double-spend attacks" in which they withdrew money from a bitcoin kiosk and then remotely cancelled the transactions before the withdrawal was processed. The second double-spends that transaction with a transaction with higher fees, paying only the change address.

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By so doing, the suspects would have taken possession of the withdrawn amount without the corresponding BTC deduction occurring in their wallets.

The Calgary Police Service is being assisted in its investigation by authorities from Toronto, Hamilton, Winnipeg, and Halton.

While bitcoin double-spending is not much heard of, it is not completely impossible. Those with information on the case can submit anonymous tips.

Four suspects have been caught on surveillance footage, and are all described as adult men who likely have in-depth knowledge in cryptocurrency, bitcoin, and blockchain technology.

Reportedly, 4 individuals, whose identities remain unknown, were aware of an exploit which meant that zero confirmation transactions were possible in these ATMs.

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