Four Youths Wanted After Bitcoin ATM Fraud

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

Police seek four suspects in bitcoin fraud investigation

They seemingly managed to steal the funds by taking advantage of the Bitcoin ATMs accepting 0-confirmation transactions.

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 U.S. dollars).

The portal further stated that each of the four suspects are accused of attacks in specific cities, which are listed below:Suspect One: Toronto, Montreal, Ottawa and Hamilton. The Calgary Police Service pleads with the public to supply any information relevant to the apprehension of these men.

Bitcoin scheme suspect number one. According to the police, the suspects would initiate a withdrawal from the company's bitcoin ATM and cancel the transaction before the company could process the withdrawal. According to a report in Canadian news publication CBC, just less than half the attacks on Bitcoin ATMs took place in Calgary. The remainder occurred in Toronto, Montreal, Ottawa, Hamilton, Winnipeg and Sherwood Park, Alta.

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.

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The double spends, which occurred over the course of 10 days, are possible with unconfirmed transactions and tools exist to deal with this problem.

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.

Per Todd, it also allows users to "optionally specify that the first transaction additional OP-RETURN, multisig, and "blacklisted" address outputs".

Police from Toronto, Hamilton, Halton and Winnipeg are assisting with the Calgary Police Cybercrime Division's investigation of the thefts. Those with information on the case can submit anonymous tips.

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