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

13 Mar, 2019 | Updated: 13 Mar, 2019
by Joeri Cant
Canadian police needs help to find 4 criminals in $200K Bitcoin fraud

The police force in Calgary are looking to the public to help identify 4 men, who are suspects in a $200,000 Bitcoin fraud that included attacks in 7 Canadian cities.

According to the Canadian news outlet, CBC, the 4 Canadian men are wanted in connection with conducting double-spend attacks against Bitcoin ATMs in four different cities.

The Calgary Police Service cybercrime team initiated its investigation in October 2018 when officers received a tip to a major fraud involving transactions that targeted a Canadian Bitcoin company.

According to the police, 112 fraudulent transactions were made at Bitcoin kiosks in seven different cities across the country. The cities which fell victim to the attack include Calgary, Toronto, Montreal, Winnipeg, Sherwood Park, Ottawa and Hamilton.

The suspects had 'in-depth knowledge or interest in cryptocurrency, Bitcoin and/or blockchain technology', Calgary police said.

All 4 men are accused of defrauding the unnamed Bitcoin company of nearly $200,000 through double spend attacks. These kind of attacks are possible due to the fact that it is possible to withdraw money from a Bitcoin kiosk and remotely canceling the transaction before the company can process the withdrawal.

The men’s identities are still unknown, therefor the Calgary police decided to turn to the public to ask for help in identifying the criminals.

Read more: What does Elon Musk have to say about Bitcoin?

Anyone with information about the identity of any of these suspects is asked to call the CPS's non-emergency line.

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Read more about: Bitcoin (BTC) Canada


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