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4 wanted in nationwide bitcoin ATM scam

Global News logo Global News 2019-03-12 Adam Toy
a screen shot of a man: Four individuals whom Calgary police believe are involved with fraudulent withdrawals from bitcoin kiosks across Canada, as captured in CCTV footage. © Calgary Police Service / provided Four individuals whom Calgary police believe are involved with fraudulent withdrawals from bitcoin kiosks across Canada, as captured in CCTV footage.

Calgary police are seeking assistance in identifying four men who they say are involved in a nationwide bitcoin fraud.

Calgary Police Service cybercrime investigators received information about 112 fraudulent transactions made at bitcoin kiosks in cities like Calgary, Toronto, Montreal, Ottawa, Winnipeg, Hamilton and Sherwood Park between Sept. 16, 2018, and Sept. 26, 2018.

Just under half of the transactions were in Calgary and all targeted an unnamed Canadian bitcoin company, according to the CPS.

READ MORE: ‘It’s kinda devastating’: An insider’s view of the QuadrigaCX meltdown 

Police believe suspects committed “double-spend” attacks, in which a person withdraws money from a bitcoin kiosk and then remotely cancels the transaction before the kiosk company can process the withdrawal.

Police say the 112 fraudulent transactions resulted in a loss of $195,000.

Calgary police, in cooperation with police services in Ontario and Manitoba, obtained CCTV images of the suspects they believe “have in-depth knowledge or interest in cryptocurrency, bitcoin and/or blockchain technology,” a statement read.

READ MORE: Fraud reports are up 89% in just 5 years and criminals want e-money: Edmonton police 

Police are asking anyone from across the country with information about the suspects to call the Calgary Police Service non-emergency line at 403-266-1234 or contact Crime Stoppers anonymously.

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