Four Youths Wanted After Bitcoin ATM Fraud

Andrew Cummings
March 14, 2019

The Toronto Police Service says in a news release that the Calgary Police Service received information in October about "multiple fraudulent transactions that had been made across the country, specifically targeting one Canadian bitcoin company". The total amount generated by the scam is just over US$145,000.

Some 112 transactions dating back to September 2018 have been flagged by authorities as double-spend transactions, allowing scammers to steal money by effectively spending the same BTC twice.

A Bitcoin ATM is the general name given to a machine, often found in a place of business, that accepts fiat deposits in exchange for Bitcoin. The popularity of Bitcoin ATMs has exploded in recent years with many more units appearing worldwide - particularly in large U.S. cities.


In the Canadian attacks on Bitcoin ATMs, the suspects are accused of initiating transactions and then remotely cancelling them before the kiosk/ATM company could process them. This essentially gave them the value of the deposit in both crypto and fiat.

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.

The men's identities are still unknown, therefor the Calgary police made a decision to turn to the public to ask for help in identifying the criminals. The left-most individual in the above image is believed to have focused on Toronto, Montreal, Ottawa, and Hamilton.


"All four suspects are described as adult males and are believed to have in-depth knowledge or interest in cryptocurrency, Bitcoin. or blockchain technology", police said in a statement. The next two are thought to have targeted Calgary and Winnipeg respectively.

Looking for the suspects, Calgary Police are being aided by other law enforcement agencies, including the Toronto Police, the Winnipeg Police Service, and more.

Anyone with useful information can contact the Calgary Police Service non-emergency line at 403-266-1234 or anonymously tip Crime Stoppers through calls on 1-800-222-8477, calgarycrimestoppers.org, Facebook, or 222tips.com (case number 18453695 / 5075).


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