Suspects Wanted in Bitcoin ATM Double-Spending Scam

Suspects Wanted in Bitcoin ATM Double-Spending Scam

Suspects Wanted in Bitcoin ATM Double-Spending Scam

Canadian Bitcoin Core developer Peter Todd's replace-by-fee tools are what made these transactions possible.

Calgary police are looking for four suspects in connection to a national investigation into bitcoin fraud that resulted in a loss of nearly $200,000 to a Canadian company. Police say 17 transactions were made in Toronto, 27 in Montreal, 13 in Winnipeg, two in Sherwood Park and one in Ottawa.

The suspects targeted only one Canadian Bitcoin company, police said, stealing $195,000 from the cryptocurrency provider.

Each of the four suspects is accused of attacks in specific cities.

The photos of the men have been released online, and the police are asking for public assistance to identify them.

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The attacks were carried out at a point that the Bitcoin ATMs accepted zero-confirmation transactions.

Suspect One: Toronto, Montreal, Ottawa and Hamilton.

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

Police say the suspects were committing "double-spend" attacks and would visit a bitcoin kiosk and successfully withdraw money before cancelling their transaction before the bitcoin company would process the withdrawal.

The pictures were published in CBC, along with a statement from the Calgary police that speculated that the four suspects have "deep knowledge or interest in cryptocurrency, Bitcoin, and/or blockchain technology".

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The third suspect is believed to be responsible for transactions that occurred in Winnipeg.

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

None of these companies confirmed if they allow for 0-confirmation transactions or not.

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.

Individuals with any leads can submit their tips to Crime Stoppers.

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